Jacobin Radio Confronting Capitalism: Why Neoliberalism Won
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Nov 5, 2025 
Vivek Chibber, a sociology professor at NYU and editor of Catalyst, dives deep into the dynamics of neoliberalism. He outlines how neoliberal ideas overshadowed Keynesianism, driven more by class forces than appeal. The conversation highlights how elite institutions shape idea influence, arguing that academic debates had little role in adopting these policies. Vivek emphasizes the importance of social organization for the left to regain political relevance and proposes that misdiagnosing causes leads to misguided solutions. A thought-provoking discussion on power and ideas!
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Why Keynesianism Took Hold
- Keynesianism argued the state must intervene to stabilize capitalism because markets can settle at persistent underemployment.
- Keynes's ideas gained traction because policymakers needed tools to address the Great Depression, not just because they were theoretically superior.
Ideas Need Political Demand
- Ideas sitting in elite institutions don't automatically drive policy; influence depends on political demand and access.
- Politicians adopt intellectuals' work to justify changes they already want for political reasons.
Class Power Drove Neoliberal Shift
- The turn to neoliberalism reflected a shift in the balance of class forces, not the sudden triumph of an intellectual school.
- Business ceased tolerating the welfare state as stagnation squeezed profit margins, prompting political pushback.
