Does neo-Rawlsian political philosophy offer an adequate account of the social conditions of capitalism? In this paper, I present two arguments for thinking that it does not. First, I develop a historicist critique of liberal egalitarianism, arguing that it provides a vision of social reality that is intimately connected to the historical and ideological constellation that I call postwar liberalism, and as such cannot account for social reality since the neoliberal revolutions of the late twentieth century. Second, I explore arguments in Marxist and critical social theory that cast liberal egalitarianism as partial, on account of its inadequate portrait of capitalist society. In surveying responses to these critiques, I argue that merely extending liberal egalitarianism into new domains to account for how contemporary circumstances have changed since the mid-twentieth century cannot address the problem of its partial view of the social world. Taking seriously the insights of critical social theory and the study of capitalism should lead to a challenge to liberal egalitarianism, not an extension of it.