This chapter observes that the path of institutional change advocated by market liberals shares important areas of agreement with the reforms advocated by supporters of liberal constitutionalism and Islamic constitutionalism. Each of these groups favors the creation of a more liberal state with effective constraints on its power, a clear and unbiased legal code, and protection of civil and political rights. However, there is no comparable degree of consensus on the value of broadening public participation in politics. This fact suggests that liberalism and democracy have become de-linked in the Egyptian case. Liberalism is likely to progress steadily in the future, while democracy is likely to advance slowly and unevenly. This trajectory may eventually lead to democracy at some point in the future, particularly if liberalism enhances the private sector's independence from the state and leads to a more autonomous and politically active middle class. However, this outcome is not inevitable.