The recent publication of Kenneth Dyson’s book Conservative Liberalism, Liberalism, Ordo-Liberalism, and the State offers an occasion to reconsider the body of ideas known as ordoliberalism. The books reviewed here represent much of the most recent scholarship in English on the subject. In this essay, I undertake two tasks: first, to clarify what the term properly refers to and in particular how it is related to “neoliberalism,” and, second, to consider its influence on postwar German policies and institutions. I argue that much of the recent discussion of ordoliberalism and neoliberalism overlooks important differences between early ordoliberal thinking and the ideas associated with neoliberalism. Over time, as neoliberalism evolved and particularly as it became an ideological justification for policies and institutions justifying the accumulation of concentrated market power, these differences have become wider even as they have been obscured by misreadings of ordoliberalism. A better understanding of ordoliberalism can also provide insights relevant to the contemporary debates about the crisis of liberal democracy and capitalism. Is it in fact a “third way” for ordering an economy, an alternative to neoliberalism and socialism?