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Episode Summary:

In this episode of Explaining History, Nick explores the pervasive yet elusive ideology of neoliberalism. 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 Society 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: Rent extraction in the age of Silicon Valley.
• The Myth of the Free Market: Why capitalism requires an active, sometimes authoritarian, state.
• The Great Reversal: How the post-war social democratic consensus was dismantled.

Books Mentioned:

• The Invisible Doctrine: The Secret History of Neoliberalism by George Monbiot and Peter Hutchison
• Technofeudalism: What Killed Capitalism by Yanis Varoufakis
• Debt: The First 5000 Years by David Graeber

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