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Tuesday, 15 February 2022, 1:00PM - 2:00PM
Barnard's Inn Hall

The Oil Shock and Neoliberalism

Professor Martin Daunton FBA

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.


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Martin Daunton

Martin is Visiting Gresham Professor of Economic History.

He is a British academic and historian. He was Master of Trinity Hall, Cambridge, between 2004 and 2014. He is Emeritus Professor of Economic History at the University of Cambridge.

He has written two books on the history of taxation in Britain –Trusting Leviathan and Just Taxes, and co-edited with colleagues in Berlin a volume of essays on the political economy of public finance in leading OECD countries since the 1970s. Most recently he has finished a book for Allen Lane on the economic governance of the world since 1933 which will be published in 2022.

Professor Daunton's lecture series are as follows: 

2021/22 Three Crises of Capitalism: The Great Depression to the Present

2020/21 Intergenerational Justice

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