This paper defends the thesis that privacy as a right is derived from fundamental rights to life, liberty, and property and does not permit restricting the commodification of bodily material; however, privacy as life, liberty, property does require conventions that ensure a robust and just market in bodily material. The analysis proceeds by defending a general commitment to liberty and markets, but not in the manner one might expect from a 'doctrinaire' libertarian. Ethical concerns about commodification are legitimate in the context of new medical and information technologies, but these concerns are not sufficiently well defined to justify political conclusions, since not every ethical concern is in itself a political concern, and the best way to resolve certain ethical difficulties is to draw up political boundaries that facilitate the discovery and testing of various solutions to our ethical puzzles. To illustrate the point, I will indicate how privacy as life, liberty, property defines such a dynamic solution to the problems of commodification of human bodily material and slippery information in insurance markets.