 And in one way that is especially appropriate: in his later work Rawls insists that welfare-state capitalism does not constitute a just basic structure (2001: 137–38). If some version of capitalism is to be just it must be a ‘property owning democracy’ with a wide diffusion of ownership; a market socialist regime, in Rawls’s view, is more just than welfare-state capitalism (2001: 135-38). Not too surprisingly, classical liberals such as Hayek (1976) insist that the contemporary liberal fixation on ‘the mirage of social justice’ leads modern liberals to ignore the extent to which, as a matter of historical observation, freedom depends on a decentralized market based on private property, the overall results of which are unpredictable.