We’re told that the 1970s proved Keynesian economics failed, that inflation and unemployment could rise together, and only neoliberalism could fix it. But the truth is very different. External shocks, not excessive spending, drove that crisis. Governments panicked, misunderstood money, and abandoned Keynes when they needed him most.

In this video, I unpack what really caused stagflation — and why repeating those mistakes today risks another lost decade for Britain.