Zero: The Climate Race The ‘science’ behind economics explains the big problems we face
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Oct 23, 2025 
Abby Innes, an Associate Professor of Political Economy at the London School of Economics and author of 'Late Soviet Britain', discusses the irrationalities of government and market behaviors. She explores the parallels between neoliberal and Soviet economic systems, arguing for new strategies in climate policy. Abby highlights the failures of privatization in public services and critiques the portrayal of net zero as 'socialism'. She advocates for adaptive, plural economic models to address climate challenges without resorting to revolution.
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Different Ideologies, Same Machine Model
- Neoliberal market science and Soviet central planning share a belief in a computable, fully controllable economy.
- That shared machine-model thinking leads both systems to converge on heavy quantification, targets, and planning.
Shared Economic Blueprint Across Parties
- Mainstream UK parties have largely followed a single economic blueprint for 45 years based on neoclassical methods.
- Using idealised market models as heuristics created a false faith that tinkering would restore perfect allocation.
Privatisation Led To Underinvestment
- Abby recounts UK privatisations like water and rail that produced profitable firms but failing services and underinvestment.
- Shareholder short-termism and regulatory inability to force long-term investment created crumbling infrastructure.
