David Dimbleby’s groundbreaking podcast, Invisible Hands, on BBC Sounds and Radio 4, is nearing its end, with the final two episodes set to provide an insightful backdrop to some of today’s most pressing global issues. As Dimbleby takes a reflective look at the evolution of free-market ideologies, listeners are offered a historical lens through which to view the unfolding narratives of political and economic uncertainty, which continue to dominate headlines.
In the closing episodes, Dimbleby explores timely subjects ranging from Donald Trump’s global trade policies to the controversial privatisation of Britain’s water utilities. Episode five examines how the legacy of billionaire businessman James Goldsmith, a staunch critic of the European Union’s free-market model in the 1980s, may have paved the way for the political rise of figures like Trump. Meanwhile, episode six dives deep into the problematic case of Thames Water, questioning how the privatisation of this vital natural resource led to widespread environmental concerns, rising water bills, and a crisis of public trust.
Let’s take a closer look at what these final episodes reveal and how they contribute to a broader understanding of our current political and economic landscape.
Episode Five: James Goldsmith and the Prelude to Donald Trump
The fifth episode of Invisible Hands asks a crucial question: Was James Goldsmith, the British billionaire who championed Britain’s departure from the European Union in the 1980s, a precursor to Donald Trump? Dimbleby explores how Goldsmith’s anti-globalisation and anti-free-market rhetoric in the 1980s foreshadowed the rise of Trump and his populist movement.
Goldsmith, often described as a maverick entrepreneur, was vocal in his opposition to the European Union and its market-driven policies, which he believed undermined national sovereignty. His campaign for a “Leave” vote decades before Brexit raised eyebrows and made him a key figure in the early discussions on the EU’s economic framework. Dimbleby reflects on how Goldsmith’s criticisms of unchecked free markets, corporate greed, and globalisation laid the intellectual groundwork for figures like Trump, who later capitalised on similar anti-establishment sentiments.
In this episode, Dimbleby dissects Goldsmith’s legacy and its relevance to today’s political climate. The episode is not just a historical examination but also a contemporary analysis of how ideologies evolve and influence modern-day politics.
Episode Six: The Controversy of Thames Water and the Privatisation of British Public Services
The sixth and final episode of Invisible Hands shifts focus to a topic that has been under scrutiny for years: the privatisation of public utilities, with a special focus on Thames Water. Dimbleby delves into the controversial sale of Thames Water to an Australian investment bank and its subsequent impact on both the environment and consumers.
Thames Water, once a public service vital to the well-being of millions of Britons, now faces severe criticism for the rising cost of bills, the mishandling of resources, and, most alarmingly, its role in polluting the UK’s rivers with untreated sewage. Dimbleby raises the question: How did we go from a public service model designed to benefit the British people to a corporate entity prioritising profits over the environment and customer welfare?
This episode not only highlights the failed promises of privatisation but also casts a critical eye on the current state of the free-market system. Dimbleby connects the privatisation of British industries in the 1980s to present-day concerns, examining how the UK’s water crisis is a symptom of a larger issue—the erosion of public trust in the system that was originally meant to serve its citizens.
Understanding the Larger Picture: How the Free-Market System Faces New Challenges
David Dimbleby’s Invisible Hands podcast offers a rich, layered exploration of how the free-market system—once seen as the cornerstone of Western economic success—now finds itself under attack. From the controversial privatisation of public assets to the rise of populist figures, the narrative weaves through historical and contemporary issues that define the state of global affairs.
In a poignant reflection, Dimbleby states: “When Thatcher began to sell off private companies in the 1980s, the idea was to give British people a share in British business. Today, Thames Water, no longer owned by the British people, is flooding our water supplies and British Steel, owned by a Chinese company, is the latest candidate of possible renationalisation.”
This commentary ties together the broader economic trends of the late 20th century, such as the widespread privatisation of public services, with the contemporary erosion of faith in both the free-market system and global capitalism. The growing push for nationalisation, evidenced by discussions around British Steel and Thames Water, marks a shift in public sentiment, with many questioning whether the neoliberal policies of the past few decades have truly benefited society at large.
How We Got Here: A Timeline of Free-Market Ideologies
Dimbleby expertly navigates through a timeline that traces the evolution of free-market ideologies—from the post-World War II era to the present. The journey begins with the early public offerings of shares in British companies, which were meant to democratise wealth and give the British populace a stake in the nation’s prosperity. However, as Dimbleby points out, this era of shareholder capitalism eventually gave way to the dominance of multinational corporations, and public assets were gradually sold off to private investors, both domestic and foreign.
The rise of figures like Goldsmith in the 1980s, who opposed the unbridled expansion of free markets, marks a critical juncture in the history of economic thought. Dimbleby’s exploration of these figures is vital for understanding the shifting tides of public opinion, which have increasingly turned against the very systems that were once lauded as the key to prosperity.
Conclusion: The End of an Era?
As the final episodes of Invisible Hands hit the airwaves, David Dimbleby offers an important perspective on the ongoing debates surrounding the role of government, markets, and the public good. With the rise of populism, the erosion of trust in traditional political systems, and the growing call for nationalisation, it’s clear that the free-market system is facing its greatest challenge yet.
As we move forward, the lessons from history may offer valuable insights into how to reshape the future of capitalism. Whether this leads to a reinvigoration of public ownership or a more equitable form of market governance remains to be seen. But one thing is certain: the economic and political landscape is changing, and Invisible Hands has played a crucial role in illuminating the forces shaping this new era.
