Drafts of this paper were presented at a workshop on the Ethics of Refugee Policy co-hosted by the Stockholm Centre for the Ethics of War and Peace and the Institute for Futures Studies; the Bled Conference on Ethics; the Political Theory Workshop at Nuffield College, Oxford and colloquia at the Central European University, the London School of Economics, and the Centre for Human Values at Princeton University. I am grateful to the audiences for their comments. I'm also very grateful to the two anonymous Associate Editors at Philosophy & Public Affairs, whose comments significantly improved the paper. Special thanks to Victor Tadros for very helpful written comments on, and discussion of, an early version and to Derek Matravers for helpful conversations. Work on this article was supported by a Knut and Alice Wallenberg Scholarship.