Capitalism After Neoliberalism | Fred Block | Research Professor of Sociology at the University of California, Davis | Season 13 Episode 13 | #234

In this episode, I sit down with Fred Block, Research Professor of Sociology at the University of California, Davis, to examine the relationship between markets and the state. We explore the persistent myth that markets operate independently of government intervention, and Fred argues that modern capitalism has always depended on public institutions, policy design, and state-backed innovation. From industrial development to technological breakthroughs, the role of government is far more central than popular economic narratives suggest.Our conversation moves into the rise of neoliberalism, the political shifts that reshaped economic governance, and the consequences of privileging market logic above all else. We discuss how innovation ecosystems rely on public investment, why the self-regulating market is largely a fiction, and how democratic institutions can guide economic transformation. Fred challenges the idea that state involvement distorts markets, instead showing how markets are structured, sustained, and stabilized through public authority.What stayed with me most is the recognition that economic systems are political systems. They are shaped by choices, institutions, and power. This episode invites listeners to reconsider what capitalism is, who builds it, and how democratic societies might reclaim a more intentional role in shaping economic life.Chapters:00:00 – Introduction02:10 – Fred Block’s Intellectual Background07:30 – What Was Neoliberalism?14:20 – The Myth of the Self-Regulating Market21:40 – How States Actually Build Markets29:10 – Innovation, Public Investment, and Hidden Government36:25 – The Political Shift Toward Market Fundamentalism43:15 – Inequality, Power, and Economic Institutions50:30 – What Comes After Neoliberalism?58:10 – Reclaiming Democratic Economic Governance01:02:40 – Final Reflections & ClosingFred Block:- https://sociology.ucdavis.edu/people/fred-block