The Oil Shock and Neoliberalism

The oil shocks of 1973 and 1979 led to international disruption and a crisis in the post-war order. Domestically, weaker productivity growth, the squeeze on profits, and de-industrialisation led to conflict between capital and labour.

Public finances came under strain and led to major changes associated with Thatcher and Reagan. The result was an intellectual revolution: a shift to neo-liberalism with a stress on individualism and incentives rather than collectivism and equality, and greater power for finance. ‘Hyper-globalisation’ now prioritised international over domestic concerns.

A lecture by Martin Daunton

The transcript and downloadable versions of the lecture are available from the Gresham College website:
https://www.gresham.ac.uk/lectures-and-events/oil-shock

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