Introduction

Neoliberalism represents a reassertion of the liberal political economic beliefs of the 19th century in the contemporary era (Clark, 2005). In the United States, the dominant neoliberal public philosophy that has emerged in recent decades is that of Market Fundamentalism, which Block (2007) defines as “a vastly exaggerated belief in the ability of self regulating markets to solve social problems.” Such a philosophy replaces a notion of society with the marketplace and supports deregulation, tax cuts, and a retrenchment of public services (Block, 2007). The authors in this part trace the reassertion of liberal economic beliefs, globalization, and the rise of Market Fundamentalism in the United States through analysis of policies regarding debt, austerity, taxation, employment, and the privatization of public services, an agenda that has resulted in the deepening of poverty and economic inequalities in the United States.