This chapter offers a normative assessment of the political risks and diffuse democratic costs related to the blurring process, and considers its cumulative effects from the standpoint of democratic theory. It points at the role of the public sphere's autonomy as a critical condition for democratic citizenship. Because this gray area remains largely shielded from most forms of political and professional oversight, it has become a new democratic “black hole” in which professional intermediaries — lawyers, consultants, and so forth — thrive and prosper. When confronting this extraterritorial zone that has grown up at the core of political systems, and the corrosive effects of its expansion, democracies appear to be seriously underequipped. The blurring of the public–private divide not only weakens the capacity to produce a “public interest” that rests at bay from market asymmetries, but also the very ability to conceptually identify what such a “public interest” may be. This may be one of the biggest challenges ahead for neoliberalized democracies.