Foucault does indeed speak of neoliberalism as a "new programming of liberal governmentality" — it changes the way the liberal state reasons, self-represents, and governs and it also changes the state-economy relation. But these changes mark something apart from the political rationality of neoliberalism. Political rationality does not originate or emanate from the state, although it circulates through the state, organizes it, and conditions its actions.

Wendy Brown, Undoing the Demos, loc. 223