

Neoliberalism: A Soviet nightmare | Abby Innes
4 snips May 16, 2025
Join Abby Innes, a Professor of Political Economy at the LSE, as she explores the unsettling parallels between neoliberalism and Soviet ideologies. Discover how the utopian ambitions of both systems can lead to societal pitfalls. Abby delves into the complexities of economic ideologies, revealing surprising similarities between British and Soviet politics amidst decline. She critiques the deterministic nature of neoclassical economics and Marxism-Leninism, and examines how historical insights reflect in today’s neoliberal debates, particularly through the lens of Brexit.
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Similar Economic Utopias
- Soviet and British neoliberal systems appear politically opposed but share similar economic reasoning based on machine models.
- Both are deterministic utopias derived from axiomatic assumptions, not empirical observation.
Neoclassical Economics Explained
- Neoclassical economics aims to be a universal science using formal logic and math, inspired by physics metaphors.
- It models individuals rationally navigating commodity spaces, contrasting with Marxism-Leninism's historical deterministic view.
From Empirical to Deterministic Economics
- The shift from Keynesian economics to neoliberalism replaced adaptive, empirical policy with rigid deterministic blueprints.
- Neoliberalism treats economic science as universal, reducing democracy's role in shaping liberty to market navigation guided by prices.