In the public and academic debate, the liberalization of Swedish school policy is often equated with privatization and - to a lesser degree - differentiation. The first is associated with the rapid growth of a semi-private free school sector, driven by slogans such as freedom of choice, cost-efficiency, parental influence and market competition. The second is associated with the decentralization of power and goaloriented governance, aiming to achieve a variegated and flexible school system that is better equipped to meet individual needs, interests and preferences. The article examines this widespread conception of the liberalization of Swedish school policy. More precisely, the objective is to position central school policy developments over the last two decades in the liberal field through a tripartite typology. I argue that the mainstream conception exaggerates the privatization type of liberalization, while neglecting another, less visible but very influential type—namely universalization.