Foucault is careful not to separate crises of liberalism from crises of capitalism, noting that the problems of the 1930s exemplify their intertwining. However, he then says: “But crises of liberalism are not just the pure and simple or direct project of these crises of capitalism in the political sphere. You can find crises of liberalism linked to crises of the capitalist economy. But you can also find them with a chronological gap with regard to these crises, and … the way … these crises manifest, are handled … is not directly deducible from the crises of capitalism” (p. 70).

Wendy Brown, Undoing the Demos, loc. 492