The economic dislocations and political antagonisms brought about by the SARS-CoV-2 pandemic are once again fueling speculation that we are collectively witnessing the terminal crisis of the neoliberal order. It will be argued here that this crisis rhetoric is grounded in a fundamental misconception of neoliberalism that fails to capture its dynamism and its ability to mutate in response to historical change. Neoliberalism will be defined here as a reactionary political project operating at global, national, and local levels that is defined by mutation. Implications of this analysis for critical education policy analysis will be explored.