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The text addresses Foucault’s critical understanding of neoliberalism as a new contemporary governmentality strategy for the conduction of people’s lives. A major aspect of Foucault’s analysis of neoliberalism relies on his understanding of the neoliberal homo oeconomicus as dependent on subjectivation processes related to self-assumed values and standards oriented by the competitive economic market. Our hypothesis is that governmentality, critique and subjectivation are the core notions that shaped Foucault’s understanding of neoliberalism and form the legacy of his seminal analysis. Contrary to critics who affirm that Foucault flirted or even became fascinated with neoliberalism, we argue that he offered critical tools for its understanding in a critique that is not to be confused with denunciation, however. Accordingly, we discuss Foucault’s conception of critique and relate his analysis of neoliberalism to his notions of governmentality and subjectivation. Finally, we briefly point out how some contemporary critics of the neoliberal order have appropriated and developed Foucault’s conceptual tools in their own understanding of it. We conclude that although Foucault did not propose a comprehensive theory of neoliberalism, he offered important critical insights for the understanding of it in our times.
Duarte et al. (Sun,) studied this question.