In 2006 an Australian investment bank bought Thames Water – Britain’s biggest water company. Everything went well for a bit. And then people started noticing something strange. Sewage in the water. Leaking pipes. Hosepipe bans. Now in 2025 Thames Water is on the brink of financial collapse and looking for new owners. There is even talk about doing something shocking. Nationalisation.

So what went wrong? Why did this water company which makes healthy profits year on year fail so badly. And what can that tell us about how the dream of free market capitalism has turned out, not just here but also in Donald Trump’s America.

David Dimbleby traces the history of an idea that charts his lifespan. It started on a chicken farm in Sussex, gained traction in the shadows of post-war London and rose to heights of excess in the new champagne bars of the City.

But who are the little-known people behind it? What did they want? And is the free market here to stay? Or are we entering a new era?

Presenter: David Dimbleby

A Samizdat Audio production for BBC Radio 4