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This article criticizes Foucault’s lectures on neoliberalism in the light of the recent financialcrisis. In opposition to what Foucault seems to say, liberalism has never been opposed to State strategies: on the contrary, liberalism is only one possible modality of subjectivation for “State capitalism”. The hegemony of the entrepreneurial model does not destroy the State but fashions it in accordance with its own goals. Nevertheless, Foucault’s work remains precious in order to highlight a new configuration of the relationships between sovereignty and governmentality, pointing towards a post-democratic authoritarian governmentality.