The neoliberal philosophy of fiscal austerity aligned with reduced regulation has transformed Chicago. As pursued by mayor Rahm Emanuel and his predecessor Richard M. Daley, neoliberalism led officials to privatize everything from parking meters to schools, gut regulations and social services, and promote gentrification wherever possible. The essayists in Neoliberal Chicago explore an essential question: how does neoliberalism work on the ground in today's Chicago? Contextual chapters explore race relations, physical development, and why Chicago embraced neoliberalism. Other contributors delve into aspects of the neoliberal vision, neoliberalism's impact on three iconic city spaces, and how events like the 2008 foreclosure crisis and the bid to attract the Olympic Games reveal the workings of neoliberalism. Contributors: Stephen Alexander, Larry Bennett, Michael Bennett, Carrie Breitbach, Sean Dinces, Kenneth Fidel, Roberta Garner, Euan Hague, Black Hawk Hancock, Christopher Lamberti, Michael J. Lorr, Martha Martinez, Brendan McQuade, Alex G. Papadopoulos, Rajiv Shah, Costas Spirou, Carolina Sternberg, and Yue Zhang.

Economist David Merriman of the University of Illinois at Chicago reviews more than 30 individual studies in the most comprehensive assessment of tax increment financing (TIF) with practical recommendations for policy makers and practitioners. The report finds that while TIF has the potential to draw investment into neglected places, it has not accomplished the goal of promoting economic development in most cases. First implemented in the 1950s, TIF funds economic development within a defined district by earmarking increases in future property tax revenues that result from increases in real estate values in the district. The tax revenue can be used for public infrastructure or to compensate private developers for their investments, but TIF is prone to several pitfalls: it often captures some revenues that would have been generated through normal appreciation in property values, it can be exploited by cities to obtain revenues that would otherwise go to overlying government entities such as school districts, and it can make cities' financial decisions less transparent by separating them from the normal budget process. The report recommends several ways that state and local policy makers can reform TIF practices going forward.