Introduction

The current economic and financial upheaval gripping the United States is widely seen as the worst crisis since the Great Depression of the 1930s. Unemployment has topped 10% in some states, mortgage foreclosures continue to rise, spending cuts are affecting sectors from education to health, and demand for public and private social services is surging. These conditions have challenged fundamental “free market” beliefs that have become economic orthodoxy, led to an unprecedented emergency investment in the banking and insurance industry, and spurred a short-term expansion of social safety net programs. For some observers, the turmoil appears to have no end and threatens the promise of the “American Dream.”