In the paper the author examines in depth three levels of Nancy Fraser’s Critical Theory of Capitalism. The first order of issues concerns Fraser's social theory, the clarification of the emancipatory potential of modern societal differentiation. The second order of issues concerns the normative level of Fraser's critical theory. The point the author wants to ask is whether in Fraser’s new conception of capitalism as the structural root of all forms of oppression, she tends to abandon her earlier intuitions, which led to differentiate clearly between forms of oppression based on status differences and forms of oppression based on class. The third concerns the political diagnosis of the time connected with Fraser's theoretical elaboration. Fraser elaborates a very complex and suggestive account of the populist moment. Is this account not in danger of overemphasizing the existence of a clear anti-neoliberal tendency, in all populist movements, and of neglecting instead the often detectable symbiosis between regressive and authoritarian drives, on the one hand, and a model of possessive individualism pushed to the extreme, on the other?
