Property and markets are not fully intertwined. Although one cannot think about the idea of a market without thinking about property – property, after all, is one of the market’s foundational building blocks – it is possible to think about property without thinking about markets. Still, liberal property and markets are so deeply connected that a liberal theory of property cannot ignore the market. A liberal theory of property must explain how property can remain loyal to its liberal commitments in the context of large-scale economies heavily reliant on the operation of markets.