The term market liberalism is used in two distinct meanings.

Especially in the United States, the term is often used as a synonym to classical liberalism. In this sense, market liberalism depicts a political ideology, combining free market economy with personal liberty and human rights, in contrast to social liberalism, which, while also supporting personal liberty and human rights, supports a more mixed economy with state produced public services.

In Europe and elsewhere, the term market liberalism is often used as a synonym to economic liberalism, depicting a policy supporting the economic aspects of liberalism, without necessarily including the political aspects of liberalism.

Although the term "liberalism" retains its original meaning in most of the world, it has unfortunately come to have a very different meaning in late twentieth-century America. Hence terms such as "market liberalism," "classical liberalism," or "libertarianism" are often used in its place in America.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.

Dean Baker (b. July 13, 1958) is an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He previously was a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan.

Since 1996 Baker has been the author of a weekly online commentary on economic reporting. The Economic Reporting Review was published from 1996 to 2006; subsequently he has continued this commentary on his weblog Beat The Press, which was formerly published at The American Prospect, but is now located at the CEPR website.

Baker graduated from Swarthmore College (B.A., 1981), the University of Denver (M.A., 1983) and the University of Michigan (Ph.D.). As a grad student at the University of Michigan, Baker participated in, and was arrested at, two sit-ins protesting Rep. Carl Pursell's votes for military aid to the Contras. In 1986, Baker defeated Donald Grimes in the Democratic primary and ran unsuccessfully against Pursell to represent Michigan's second Congressional district.

Michael J. Sandel (born March 5, 1953) is an American political philosopher and a professor at Harvard University. He is best known for the Harvard course 'Justice', which is available to view online, and for his critique of John Rawls' A Theory of Justice in his Liberalism and the Limits of Justice (1982). He was elected a Fellow of the American Academy of Arts and Sciences in 2002.

Born in Minneapolis to a Jewish family, which moved to Los Angeles when he was thirteen. A high achiever, he was the President of his senior class at Palisades High School (1971), graduated Phi Beta Kappa from Brandeis University (1975), and received his doctorate from Balliol College, Oxford, as a Rhodes Scholar, where he studied under philosopher Charles Taylor.

Sandel subscribes to a certain version of communitarianism (although he is uncomfortable with the label), and in this vein he is perhaps best known for his critique of John Rawls's A Theory of Justice. Rawls' argument depends on the assumption of the veil of ignorance, which he claims allows us to become "unencumbered selves".

Naomi Klein (born May 8, 1970) is a Canadian author and social activist known for her political analyses and criticism of corporate globalization.

Klein was born in Montreal, Quebec, and brought up in a Jewish family with a history of peace activism. Her parents had moved to Montreal from the U.S. in 1967 as war resisters to the Vietnam War. Her mother, documentary film-maker Bonnie Sherr Klein, is best known for her anti-pornography film Not a Love Story. Her father, Michael Klein, is a physician and a member of Physicians for Social Responsibility. Her brother, Seth Klein, is director of the British Columbia office of the Canadian Centre for Policy Alternatives.

Her paternal grandparents were communists who began to turn against the Soviet Union after the Molotov-Ribbentrop Pact and had abandoned communism by 1956. In 1942 her grandfather Phil Klein, an animator at Disney, was fired after the Disney animators' strike, and went to work at a shipyard instead. Klein's father grew up surrounded by ideas of social justice and racial equality, but found it "difficult and frightening to be the child of Communists", a so-called red diaper baby.