The fall of Communism, the reassessment of Nordic social democracy, belt-tightening in other advanced welfare states, and the worldwide privatization wave have led many to conclude that egalitarianism is a merely utopian ideal, the possibility of whose realization is laid to rest by the failure of a series of twentieth-century social experiments. We survey the evidence, both empirical and theoretical, and conclude that obituaries are premature. Key theoretical errors in the design of egalitarian experiments, and in some critiques of pro-egalitarian policies, concern the role of information asymmetries, and we argue that their proper understanding re-opens possibilities for increasing equality without unacceptable sacrifices in efficiency.