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This essay argues that neoliberalism is an exemplary form of political theology. Recognize that our understanding of political theology must change if it is to be in a position to take up neoliberalism in this way, it starts not with the locus classicus of sovereignty, but with a more marginal theological theme: the demonic. What both Christian theological discourse on the demonic and neoliberalism share is an emphasis on freedom, thought not as an expression of human creativity and dignity, but as an apparatus for generating blameworthiness. Under neoliberalism, we are all demonized, individually blamed for the system's failures.