Michel Foucault is usually read as a thinker who has barely anything to say on the democracy. For, while democracy is a political system based on the representative institutions, his main concern is to analyze the power relations outside the institutions. So he might be included among the thinkers of what I call the Politics of the Outside. In this paper I would argue that, first, in the politics of the outside distinct from Marxism the relations between subjection and subjectivation are taken as a fundamental problem for the contemporary democracy. Second, thanks to his own relationalist theory of power, Foucault could see these relations not as a problem of the external opposition but as one of the internal transformation. Third, the theory also serves as a basis for him to take on the issue of the subjection in the neo-liberal governmentality. Finally, Foucault tries to think a mode of subjectivation which might escape this neo-liberal way of subjection through his concept of counter-conduct, which together with the notion of the governed as a new political subject might offer a theoretical tool for thinking the democratization of democracy against the process of de-democratization prompted by the neo-liberal globalization.