Two of the most influential concepts of the long nineteenth century developed in a complex and entangled relationship that cannot be reduced to a mere dichotomy. At first sight, however, liberalism has often been interpreted “as both logically and morally incompatible with nationalism.”1 This incompatibility has been derived from the perspective of the early twentieth century when from the early 1920s onwards liberalism seemed to come under increasing pressure from both Bolshevism and fascism. Whether in its Italian version of fascism or in German National Socialism, European fascisms as the culmination of radical nationalism seemed to rely on the ultimate negation of those values and institutions which had been identified with the legacy of nineteenth-century liberalism, such as personal liberty, free trade, or a constitutional order. Hence the search for the early origins of the apparently obvious dichotomy between liberalism and nationalism followed the logic of retrospective teleology.