"Capitalism and freedom" is not only the title of a 1962 book by Milton Friedman playing a pivotal role in asserting worldwide the neoliberal paradigm, but also a slogan that leading statesmen, politicians and opinion-makers have been heralding in recent years in order to justify, amongst other things, the slashing of welfare states and the invasion of foreign countries. In particular, "capitalism" has been coupled regularly with "democracy", the latter being seen as the political system that better entrenches and promotes "freedom" or "autonomy". Thus, "capitalism" and "democracy" have been described as the two sides of one and the same project for human emancipation, which is said to characterise modernity. However, Castoriadis reminds us of their different historical origin and of their different nature, which is highlighted in further depth by John McMurtry’s attempt to overcome the categories of standard economic rationality. Hence, in this paper, Castoriadis’ hermeneutic of modernity is integrated with the insights provided by McMurtry, whose notions of "civil commons", "life-needs" and "life-value economy" explain how an emancipatory modernity may be still possible.