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Episode Summary:

In this episode of Explaining History, Nick explores the pervasive yet elusive ideology of neoliberalismSupply Side Economics Full Description:Supply-Side Economics posits that production (supply) is the key to economic prosperity. Proponents argue that by reducing the “burden” of taxes on the wealthy and removing regulatory barriers for corporations, investment will increase, creating jobs and expanding the economy. Key Policies: Tax Cuts: Specifically for high-income earners and corporations, under the premise that this releases capital for investment. Deregulation: Removing environmental, labor, and safety protections to lower the cost of doing business. Critical Perspective:Historical analysis suggests that supply-side policies rarely lead to the promised broad-based prosperity. Instead, they often result in massive budget deficits (starving the state of revenue) and a dramatic concentration of wealth at the top. Critics argue the “trickle-down” effect is a myth used to justify the upward redistribution of wealth.. Why do we treat free-market capitalism as a natural law, like gravity, rather than a political choice?

Drawing on George Monbiot and Peter Hutchison’s The Invisible Doctrine, we delve into the origins of the neoliberal project—from the Mont Pelerin SocietyMont Pelerin Society Full Description:An exclusive international organization founded by Friedrich Hayek and others to combat the rise of state planning and social democracy. It served as the primary intellectual incubator for neoliberal thought, playing a long-term strategic role in shifting global economic consensus. The Mont Pelerin Society was the “thought collective” behind the neoliberal counter-revolution. Established when free-market ideas were politically marginalized, it brought together economists, philosophers, and historians to refine and propagate individualist economic theories. Critical Perspective:Critically, this group exemplifies the “long game” of ideology. They understood that to change policy, they first had to change the intellectual climate. By building a network of think tanks and academic departments, they successfully waited for a crisis (stagflation) to present their pre-packaged ideas as the only viable solution, effectively manufacturing a new “common sense” that favored the elite.
Read more to the policies of Reagan and Thatcher. Nick argues that capitalism isn’t just about market exchange; it is a system designed for the concentration of capital, one that reshapes all social and political relations to serve that end.

From the myth of meritocracy and the “trickle-down” fallacy to the rise of what Yanis Varoufakis calls “techno-feudalism,” we examine how this anonymous ideology has led to inequality, environmental degradation, and the erosion of democracy.

Plus: A reminder for history students! Our Russian Revolution Masterclass is coming up on Sunday, January 25th. Listen for details on how to book your spot.

Key Topics:

• The Invisible Doctrine: How neoliberalism hides in plain sight.
• Techno-Feudalism: