Abstract: Scholars as diverse as E. P. Thompson and Thomas Piketty posit a clear break between pre-industrial, status-based economies and modern, contract-based capitalism. This essay revisits this standard account of the transition from feudalism to capitalism by focusing on a central and yet rarely discussed tenet of economic justice in early modern Europe: the need to balance individuals’ contractual freedom with the privileges assigned to different groups in any hierarchical society of status. In so doing, it reconstructs the pre-history of contemporary debates about the tension between consent and identity-bound inequality in liberal economies.