This chapter considers John Rawls' conception of ideal theory, with particular emphasis on the implications of problems of feasibility for normative political philosophy and market democracy's institutional guarantees. It defends Rawls' general view of ideal theory, first by explaining why the objection to market democracy—that even if market democratic institutional forms appear attractive in theory, they are unlikely to deliver the goods in practice and so are defective for that reason—has little force when applied against the idealism of left liberalism. It then examines why such arguments are equally ineffective when trained against the idealism of free market fairness. It also analyzes Rawls' idea of “realistic utopianism” before concluding by asking whether market democratic regimes that treat economic liberty as constitutionally basic can realize all the requirements of justice as fairness.
