How oil shocks triggered a global shift toward neoliberalism
In short: Explore how the energy crises of the 1970s destabilized the post-war order and sparked an intellectual revolution that prioritized individualism and finance over collectivism.
This lecture examines how the oil shocks of 1973 and 1979 caused international disruption and domestic economic strain. These crises, combined with slowing productivity and de-industrialization, fueled conflict between capital and labour.
The resulting economic pressure led to major political shifts under leaders like Margaret Thatcher and Ronald Reagan. This era marked a transition toward neoliberalism, emphasizing individual incentives and financial power over traditional notions of equality and collectivism. This movement eventually paved the way for hyper-globalisation, which prioritizes international interests over domestic concerns.
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Sources
- Summary by Intellect · source: The Oil Shock and Neoliberalism
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