How oil shocks triggered a global shift toward neoliberalism
In short: This lecture explores how the 1973 and 1979 oil shocks disrupted the post-war order, fueling an intellectual revolution that replaced collectivism with individualism and empowered the finance sector.
The video examines how international disruption and domestic economic pressures—including de-industrialisation and squeezed profits—precipitated a crisis in the post-war order. This instability paved the way for the policies of leaders like Margaret Thatcher and Ronald Reagan.
The resulting shift toward neoliberalism prioritised individual incentives over equality and collectivism, while 'hyper-globalisation' began to place international interests above domestic concerns.
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Sources
- Summary by Intellect · source: The Oil Shock and Neoliberalism
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