Still, if we are slipping from liberalism to fascism, and if radical democracy or socialism is nowhere on the political horizon, don’t we have to defend liberal democratic institutions and values? Isn’t this the lesson of Weimar? I have labored to suggest that this is not the right diagnosis of our predicament: it does not grasp what is at stake in neoliberal governmentality—which is not fascism—nor on what grounds it might be challenged. Indeed, the left defense of the welfare state in the 1980s, which seemed to stem from precisely such an analysis—“if we can’t have socialism, at least we should preserve welfare state capitalism”—backfired from just such a misdiagnosis. On the one hand, rather than articulating an emancipatory vision that included the eradication rather than regulation of poverty, the Left appeared aligned with big government, big spending, and misplaced compassion for those construed as failing to give their lives proper entrepreneurial shape. On the other hand, the welfare state was dismantled on grounds that had almost nothing to do with the terms of liberal democracy and everything to do with neoliberal economic and political rationality. We are not simply in the throes of a right-wing or conservative positioning within liberal democracy but rather at the threshold of a different political formation, one that conducts and legitimates itself on different grounds from liberal democracy even as it does not immediately divest itself of the name. It is a formation that is developing a domestic imperium correlative with a global one, achieved through a secretive and remarkably agentic state; through corporatized media, schools, and prisons; and through a variety of technologies for intensified local administrative, regulatory, and police powers. It is a formation made possible by the production of citizens as individual entrepreneurial actors across all dimensions of their lives, by the reduction of civil society to a domain for exercising this entrepreneurship, and by the figuration of the state as a firm whose products are rational individual subjects, an expanding economy, national security, and global power.