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Foucault theorized power/knowledge as a historical formation: when knowledge production was scarce and institutionally controlled, it generated social power. The democratization of information access has weakened—though not eliminated—this formation's hold. This article extends Foucault's insight to identity and performativity, demonstrating that the same mechanisms that eroded educational capital are now eroding what I term "performative capital." Drawing on Bourdieu's theory of capital and Butler's performativity, I argue that identity construction functioned as a form of capital throughout the 1990s-2010s: scarce identity positions, institutional gatekeeping, and authentication practices generated social distinction and convertible power. However, the proliferation of identity categories, the transparency of identity as construction, and the democratization of performance tools through social media have triggered a parallel decline. This is not the end of identity, but the erosion of identity's exchange rate as power. I periodize this shift, identify five mechanisms driving the decline, and theorize emerging capital formations—particularly ecological and visibility capital—that may reorganize social hierarchy in post-performative formations. Empirical research on clothing practices and social media dynamics illustrates this transition in everyday life, demonstrating how people are already navigating beyond performative logics.
keywords: performative capital, identity politics, Bourdieu, capital theory, fashion, embodiment