The many contradictory interpretations of neoliberalism raise doubts about the value of this concept. This article discusses the literature on neoliberalism for identifying a “minimum common core” that warrants preserving this concept. I argue that neoliberalism entails an ideology and a political practice that aim to subordinate the state and all social domains to the market—to its logic and to the economic powers within it—thereby undermining democracy. This conceptualization emerges as a “common lowest denominator” among many otherwise incompatible scholarly definitions of neoliberalism, reflects central neoliberal ideas (despite their own inconsistencies), and illuminates crucial features of contemporary neoliberal society. I discuss the implications of this interpretation for established democracies and for those countries that experienced democratization processes during the neoliberal era, for the debates on postneoliberalism, and for the political identity of the Left.