Democracy in DefaultHow did neoliberalism arise? Faced with the crises of the 1970s, a coalition of neoliberal intellectuals, conservative politicians, and business interests carried out a vast project of walling off the economy from democracy, ensuring the dominance of finance or so the conventional story goes. Democracy in Default offers a new perspective on the birth of neoliberalism, showing that this common narrative confuses cause and effect. Financialization was