The Biden administration represented itself as post-neoliberal, and largely attributed the hardships experienced by the middle class to the neoliberal reforms of the previous forty years. Through the foreign policy for the middle class, officials implicitly or explicitly positioned the administration in opposition to key neoliberal tenets. This chapter examines the transformation of the American political economy from Keynesian-style regulated capitalism to neoliberalism and supply side policies as they were implemented during the neoliberal era—taxation reform, fiscal discipline, the reconfiguration of social welfare, and the changing disposition towards regulation. It discusses the features and effects of financialization, including the embedding of shareholder primacy, before examining the decline in the power of labour, and globalisation. The chapter closes with a short survey of the aftermath—inequality had become an important feature of how the economy functioned, the middle class was shrinking and precarious, and political polarization was growing.