Insofar as Foucault’s investigation and analysis of neoliberalism is driven by a concern with the birth of biopolitics, by shifts from sovereignty to governmentality, and by reformations of liberalism, these coordinates are insufficient for capturing what neoliberalism has done to social life, culture, subjectivity, and, above all, politics. This points to a broader limitation in Foucault’s work, which we might call his “formulation of the political,” a formulation that is largely limited to the (ironically, state-centered) terms of “sovereignty” and “juridicism.”

Wendy Brown, Undoing the Demos, loc. 146