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This article argues that Israel's 2003 elections are best understood as a deeper embedding of neoliberalism in the Israeli polity. It is argued that the most accurate characterization of the elections is as an articulation of Polanyi's Phase I of the double-movement. The argument is developed in four stages. First, the Israeli elections are understood as a local reaction to the multilayered processes of globalization. The Israeli state and its elections are located in the neoliberal ideology which underwrites the phenomenon broadly defined as globalization. Second, the election results are reviewed. Third, the dominant interpretations of the elections are critically examined. Specifically, representations of the elections as a defeat of the parties of peace and as a rebuke of Sephardim/ultra-Orthodox influence in Israeli government are interrogated. Fourth, the coalition negotiations of February 2003, the constitution of Israel's 30 th government and some of the initiatives undertaken by Finance Minister Benjamin Netanyahu are explicated through deployment of Polanyi's double-movement framework.