The Asturian economist Alvaro Florez Estrada (1766-1853) has earned the title of "the most relevant theorist of liberalism" in nineteenth-century Spain by espousing liberal -- even "extremely liberal" -- ideas "that nobody questions." His views on land property are treated as if they were a mere exception with no impact on his classical-liberal framework. In this article, the author explores the limitations in Florez's liberal analyses, especially those contained in his most important work, Curso de economia politica, first published in London in 1828. Alvaro Florez Estrada was a distinguished Spanish economist and intellectual. His commitment to civil and political liberties confirms that he was a brave and valuable person, "un homme d'un esprit eleve," as L. Galibert, author of the 1833 French translation of the Curso described him. This article is not intended to judge such merits, but rather to point out the limitations and contradictions in Florez's liberal analysis, faults that form part of a long, complex, and varied tradition that predates his work and still endures today.