Based on Michel Foucault's 1978 and 1979 lectures at the Collège de France on governmental rationalities and his 1977 interview regarding his work on imprisonment, this volume is the long-awaited sequel to Power/Knowledge. In these lectures, Foucault examines the art or activity of government both in its present form and within a historical perspective as well as the different ways governmentality has been made thinkable and practicable.

Foucault's thoughts on political discourse and governmentality are supplemented by the essays of internationally renowned scholars. United by the common influence of Foucault's approach, they explore the many modern manifestations of government: the reason of state, police, liberalism, security, social economy, insurance, solidarity, welfare, risk management, and more. The central theme is that the object and the activity of government are not instinctive and natural things, but things that have been invented and learned.

The Foucault Effect analyzes the thought behind practices of government and argues that criticism represents a true force for change in attitudes and actions, and that extending the limits of some practices allows the invention of others. This unique and extraordinarily useful collection of articles and primary materials will open the way for a whole new set of discussions of the work of Michel Foucault as well as the status of liberalism, social policy, and insurance.

Imagining Interest in Political Thought argues that monistic interest—or the shaping and coordination of different pursuits through imagined economies of self and public interest—constitutes the end and means of contemporary liberal government. The paradigmatic theorist of monistic interest is the English political philosopher Jeremy Bentham (1748–1832), whose concept of utilitarianism calls for maximization of pleasure by both individuals and the state. Stephen G. Engelmann contends that commentators have too quickly dismissed Bentham’s philosophy as a crude materialism with antiliberal tendencies. He places Benthamite utilitarianism at the center of his account and, in so doing, reclaims Bentham for liberal political theory.

Tracing the development of monistic interest from its origins in Reformation political theory and theology through late-twentieth-century neoliberalism, Engelmann reconceptualizes the history of liberalism as consisting of phases in the history of monistic interest or economic government. He describes how monistic interest, as formulated by Bentham, is made up of the individual’s imagined expectations, which are constructed by the very regime that maximizes them. He asserts that this construction of interests is not the work of a self-serving manipulative state. Rather, the state, which is itself subject to strict economic regulation, is only one cluster of myriad "public" and "private" agencies that produce and coordinate expectations. In place of a liberal vision in which government appears only as a protector of the free pursuit of interest, Engelmann posits that the free pursuit of interest is itself a mode of government, one that deploys individual imagination and choice as its agents.