Political liberalism has increasingly come under fire from both the right and the left, in politics as well as in philosophy. In this new study, G.B. Madison offers a systematic rebuttal to these contemporary critics, attempting to demonstrate that the basic principles of classical liberal philosophy are not only internally valid and coherent but also directly relevant to the problems faced by society in the post-industrial age. Building on the theory of Frank H. Knight and other liberal tinkers, Madison outlines the postmodern theory of reason that is presupposed within classical liberal theory and makes the case that as a political philosophy liberalism can be justified entirely within its own terms, without reference to arbitrary or absolute values.