Neoliberalism: The Invisible Ideology, with George Monbiot
Jun 11, 2024
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George Monbiot discusses the impact of neoliberalism on democracy and society. They explore how neoliberalism promotes individualism and free markets, attributing economic struggles to individuals. The podcast delves into the history of capitalism, the exploitation of resources, and the commodification of healthcare under neoliberalism. It also touches on the decline in mental wellbeing in the UK due to neoliberal policies and the importance of using restoration stories to counter neoliberalism.
Neoliberalism promotes individual blame over societal responsibility, exacerbating mental health issues.
Privatization of essential services under neoliberalism prioritizes profit over public access and needs.
Neoliberalism justifies wealth inequality by relying on the 'invisible hand' concept to determine winners and losers.
Deep dives
Defining Capitalism and Its Origins
Capitalism is not merely about ordinary market transactions but includes the commodification of land, labor, and money. The origins of capitalism can be traced back to Madeira in the 15th century, where the commoditization of these resources led to both explosive productivity and abrupt collapses in economic systems.
Neoliberalism Emergence and Ideology
Neoliberalism emerged in 1938 as a response to democracy, aiming to ensure that the rich have the freedom to amass wealth without interference. The ideology relies on the concept of the invisible hand to determine winners and losers, justifying inequality and selfishness as natural outcomes.
Privatization and Financialization under Neoliberalism
Under neoliberalism, privatization has extended to essential services like dentistry, creating barriers for access and emphasizing profit over public need. Financialization, seen in practices like private finance initiatives, extracts rent from common resources, exacerbating wealth inequality.
Mental Wellbeing and Neoliberalism's Impact
Neoliberalism's focus on individualism and blame for personal misfortunes contributes to mental health issues, as societal well-being is neglected in favor of economic gain. The UK's low mental health rankings reflect the toll of neoliberal policies on public mental health.
Liz Truss's Neoliberalism Experiment
Liz Truss's attempt to implement extreme neoliberal policies resulted in economic collapse, highlighting the dangers of unmoderated neoliberalism. Her adherence to neoliberal doctrine, devoid of nuance, led to significant public backlash and her rapid downfall from power.
We live under an invisible ideology. It tells us that we are not citizens but consumers. That intervening in the free market compromises our freedom. That we are all millionaires-in-waiting - and if we are struggling to make ends meet, then we only have ourselves to blame.
This is capitalism on steroids. But few of us can even identify the doctrine we live under. It’s called “neoliberalism”, and it’s been the dominant economic ideology for the past four decades.
So what does this ideology have to tell us about the world? How is neoliberalism shaping our democracy? And what has almost half a century of neoliberalism done to our lives?
Ayeisha Thomas-Smith is joined by George Monbiot, journalist and co-author of the new book The Invisible Doctrine: the secret history of neoliberalism, to discuss: how do we tell a new story about neoliberalism?
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Music by Inaequalis is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International License: https://creativecommons.org/licenses/by-nc-sa/4.0/
Produced by Amy Clancy, Margaret Welsh and James Rush.
The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future
The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent or NEF.
New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254
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