The aim of this paper is to show that Foucault’s genealogy of liberal governmentality necessitates reconsideration in light of the history of biology and its societal implications. In his lectures at the Collège de France in the late 1970s, Foucault argued that the natural growth of the market is what ultimately verifies or falsifies the excellence of liberal governmentality. Liberal governmentality recognizes the intimate correlation between the physical and social dimensions in order to adapt its political action to the natural (...) processes of the market. It follows that liberal governmentality rests upon a certain kind of naturalism and the knowledge that defines this form of naturalism is political economy, which explicates both the foundations and the limits of governmental action in the name of the nature of the market. Foucault thus accords significant importance to the concept of nature in liberal governmentality. However, his genealogy is confined to an inquiry into the naturalism of classical political economy, without considering the economicism of the emerging biological sciences. To expand upon Foucault’s genealogy, the present paper focuses on the influence of political economy in the development of the theory of evolution by natural selection. The locution “economy of nature” is introduced to denote the discursive formation that brings together the naturalism of classical political economy and the economism of early evolutionary biology. This study contends that this construct played a critical role in shaping liberal governmentality. (shrink)