Abstract
Claude Lefort's rethinking of ‘the political’ has been highly fruitful for political theory, yet its politics remain unclear. It has inspired transformative, radical-democratic projects, but has also served as a basis for more liberal conceptions. This article explores the sources and implications of this ambiguity by setting Lefort's work against the backdrop of the anti-totalitarian moment in French political thought and the trajectories of two of his students, Miguel Abensour and Marcel Gauchet. It emerges that although Lefort's democratic theory cannot be reduced to a defensive liberalism, neither is it as expansive as some might hope.