ABSTRACTConflicts between the good of each and the good of all are often presented in terms of freedom versus equality, with liberals pulled one way by libertarians and the other by social democrats. When we distinguish between negative and positive notions not only of freedom but also of equality, the liberal freedom ‘to pursue our own good in our own way’is a positive freedom involving a negative idea of equality (or ‘equity’). Yet ‘equity’is not strong enough to deal with the problem of public goods. Trust is a public good, essential if markets are to work and dependable only where there is a moral commitment to a positive basic equality amo