Scholarly attempts to explain the development of liberal individualism over the course of modern history have tended to focus on key principles and doctrines. Here, O'Flynn shows that that as capitalism continues to grow, the theories, doctrines and moral precepts comprising liberal individualism change and evolve, while its vital social function is preserved. Scrutinising the development of liberal individualism in terms of its social function, connecting related doctrine and principles to the opportunities and obstacles to capital accumulation over the course of history.