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This paper reconstructs the argument of Axel Honneth's recent book Das Recht der Freiheit as a theory of the institutionalization of freedom in modern society. In particular, it looks at Honneth's argument for the realization of freedom in law and morality that is proposed as a contemporary re-interpretation of Hegel's Philosophy of Right. Then I discuss Honneth's argument for the reality of freedom in the ethical spheres of civil society, in particular in the family, the market and in democracy. Finally, the paper proposes some critical remarks to Honneth's theory.