Recent interpretations of the neoliberal transformation of welfare states emphasize the formative role of crises in which old institutions are rolled back to make way for the “rollout” of neoliberalism’s program of austerity, markets, and privatization. Policy scholars and social historians argue, however, that major social changes combine long-term institutional development, sudden pivots, and cyclical trends. This article draws on a case study of municipal employee labor relations in New York City to examine the temporality of neoliberal transition. It acknowledges that actual neoliberalism involves a mix of policies that depart from its market-liberal ideal type and that include elements of statist, communitarian, and/or corporatist policies. Thus the article engages a puzzle: if paths to neoliberalism are not always sudden and are populated by policies that are not necessarily driven by neoliberal assumptions, how should we understand what neoliberalism is and how it develops? The article traces the history of municipal labor relations from the 1950s through the present to show that the transition to neoliberalism was characterized by the transition from a contentious corporatism that took shape in the 1950s and went through a neocorporatism forged in the fiscal crisis of the 1970s and that kept corporatist institutions in place while undermining their social power and laying the groundwork for neoliberal policies from the 1990s forward. The article shows how longer-term trajectories and shorter-term crises intertwine to produce a neoliberalism better understood as a repertoire of governance than as an undifferentiated set of policy preferences for market mechanisms.