This article argues that Foucault’s account of the intersection between population, liberal economy, and biopolitics needs to be reconstructed in light of Malthus’ Essay on the Principle of Population. Taking Malthus into account brings to the fore how deeply the question of population is tied to a colonial hierarchy that differentiates between dangerous ‘savage’ and economic ‘civilized’ life. ‘Savage life’ is depicted as a catastrophic form of life, which uses resources in a non-economic way due to its forgetfulness of the (...) future. The article shows how this notion of ‘savage life’ broadens the concept of liberal economic governmentality. Most importantly, it highlights the role of passions and futurity for liberal governmentality. As the discussion of Malthus’ texts demonstrates, the passions of hope and fear assume a crucial role for engendering futurity in the economic subject. As will be shown, while the more ‘savage life’ is considered to be made governable through fear, the more civilized life is supposed to be allured by hope. The article points out the implication of this analysis for Foucault’s notion of biopolitics in relation to liberal economy. (shrink)