
I'd argue several things to contextualize the film, and reassert its value as more than pop culture curio, or naff guilty pleasure:
1. Schrader's script brilliantly (and clearly) inverts Dostoyevsky's Crime and Punishment, to explore his central characters (a whore, a nihilistic rich person, a detective) and discuss ideas of overcoming morality, admitting sin (or "kink" as it is called here) or ultimately accepting grace, forgiveness, love;
2. The mise-en-scene mirrors and revises both the film noir aesthetic (now in lurid neon greens and pinks and turqoises, retaining the slats of venetian blind lighting - as in Blade Runner) and its antecedents, up to and including Chinatown, and prefigures and makes formally redundant Less Than Zero, beginning the 80s genre of the erotic thriller.
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