1 HOW MARKETS ARE MADE: RACE, DEMOCRACY AND TRANSNATIONALISM IN NEOLIBERAL THOUGHT Lars Cornelissen European Journal of Political Theory, first published online 17 September 2019 https://doi.org/10.1177/1474885119876464 Abstract As offshoots of and reactions to neoliberalism continue to dominate our political imaginary, the scholarly critique of neoliberal thought remains urgent and timely. This article engages with two recent intellectual histories of neoliberalism, Thomas Biebricher’s The Political Theory of Neoliberalism and Quinn Slobodian’s Globalists, both of which serve to re-centre debates surrounding the composition and career of neoliberal thinking. Dealing, respectively, with the most basic theoretical architecture of neoliberalism and neoliberals’ response to the end of Empire, both studies make key contributions to our critical appraisal of the neoliberal present. It will be argued, however, that these books are best read together, as each goes some way towards addressing the other’s analytical limits. Keywords Democracy, institutions, intellectual history, neoliberalism, race Thomas Biebricher, The Political Theory of Neoliberalism, Stanford University Press: Stanford, 2019; 262 pp. ISBN: 9781503607828, £19.99 / f20.99 (pbk). Quinn Slobodian, Globalists: The End of Empire and the Birth of Neoliberalism, Harvard University Press: Cambridge, MA, 2018; 381 pp. ISBN: 9780674979529, £28.95 / f31.50 (hbk). As an object of scholarly scrutiny, neoliberalism has attracted an astounding amount of attention over the last two decades or so. The resulting body of literature has tended to coagulate around a handful of thematic nodes or analytical trends: the exact composition of the entrepreneurial subject remains a hotly contested topic (Feher, 2018; Scharff, 2016), for instance, whilst political- theological critiques of neoliberal theory are multiplying steadily (Cornelissen, 2017; Kotsko,