We’re told that the 1970s proved Keynesian economics failed, that inflation and unemployment could rise together, and only neoliberalism could fix it. But the truth is very different. External shocks, not excessive spending, drove that crisis. Governments panicked, misunderstood money, and abandoned Keynes when they needed him most.
In this video, I unpack what really caused stagflation — and why repeating those mistakes today risks another lost decade for Britain.
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00:00 – Are we facing 1970s-style stagflation again?
01:00 – What really caused stagflation in the 1970s
02:00 – The oil shocks and imported inflation
03:30 – Union power, wage rises, and government panic
04:30 – The collapse of understanding: Keynes vs confusion
05:30 – The end of the gold standard and floating currencies
07:00 – How political choices, not Keynes, created the crisis
08:30 – Milton Friedman, monetarism, and the birth of neoliberalism
09:30 – What Keynes actually taught about inflation and power
10:30 – Why stagflation didn’t disprove Keynes
11:30 – Today’s inflation: supply shocks, not wages
12:00 – What we must do instead: planning, public investment, and care
13:30 – Reclaiming Keynes for a fairer, stable, prosperous economy
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
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Correction:
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