This review article of The Making of Modern Liberalism and Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics centres on the different trajectories of liberal and neoliberal thought that are mapped out by these two works. It is argued that to achieve an understanding of the meeting points, continuities and discontinuities between liberalism and neoliberalism it is necessary to examine the economic and political bases of these forms of governmental reason. By doing so, it is suggested that it is possible to develop a fuller understanding of what was/is new about neoliberalism as both a political and an epistemological project.