Neoliberalism: A Soviet nightmare | Dr Abby Innes | LSE Associate Professor in Political Economy

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Abby Innes discusses the strange parallels between neoliberal and Soviet economic ideology. What could they possibly have in common? Watch the full talk at https://iai.tv/video/neoliberalism-a-soviet-nightmare?utm_source=YouTube&utm_medium=description There is an old Soviet joke, ‘Capitalism is the exploitation of man by man. Communism is its exact opposite.’ On the surface, neoliberalism, with its emphasis on free markets, competition and privatisation, is as far removed as possible from the Soviet Union. But behind the policies, could they be guided by the same false utopianism? Abby Innes, professor of Political Economy at the LSE, argues that the utopianism that guided the Soviet Union to disaster is eerily similar to the decline of our modern politics, and for Western states to succeed they need to throw off the shackles of utopianism and rediscover the scientific method. #neoliberalism #soviet #economics #politicaleconomy Dr Abby Innes weaves political analysis with the scientific method to expose the ironic similarities between our current politics and the Soviet Union. She is an Associate Professor of Political Economy at the European Institute at the LSE. Her work focuses on party-state development, the transition from the Soviet system in Eastern Europe and the modern neoliberal state. 00:00 Introduction 00:20 Vilfredo Pareto 01:38 Keynesian economics 02:33 Neoliberalism explained 07:00 What Soviet and neoliberal economics share 08:47 Thatcherism explained 10:02 Public sector outsourcing The Institute of Art and Ideas features videos and articles from cutting edge thinkers discussing the ideas that are shaping the world, from metaphysics to string theory, technology to democracy, aesthetics to genetics. Subscribe today! https://iai.tv/subscribe?utm_source=YouTube&utm_medium=description&utm_campaign=neoliberalism-a-soviet-nightmare For debates and talks: https://iai.tv For articles: https://iai.tv/articles For courses: https://iai.tv/iai-academy/courses