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This conceptual paper explores the under-examined relationship between Project Based Learning (PBL) and the logic of free-market capitalism. Drawing together theoretical discussion with illustrative empirical cases, the author explores how and why some PBL curricula rely on capitalist tropes such as individualism, competition, and profit-driven entrepreneurship. The author argues that until the field embraces a PBL framework which breaks the silence on the need for criticality, capitalist logic will persist as a mechanism by which PBL perpetuates oppressive belief systems.