Today, it is also important to recall that the so-called psychedelic renaissance stands largely as a marketing term for a product of post-COVID financial conditions. Loose monetary policy and massive liquidity injections fueled speculative investment in nascent markets, including psychedelics. Framed as the next mental health revolution, psychedelics attracted venture capital, with startups promising treatments for depression, PTSD, and addiction. Companies went public with little more than pitch decks and branding, amplified by media outlets and psychedelic influencers. Retail and institutional investors piled in, creating a bubble akin to those in tech and biotech.
By late 2021, however, the psychedelic market faltered. Valuations collapsed, companies laid off staff, scaled back trials, or pivoted to other sectors. Funding dried up, yet the psychedelic community – focused on personal healing and spiritual insights – rarely acknowledges this economic fragility.
Sociologists Brownlee and Walby describe this as “psychedelic capitalism”, a force alternately described as “corporadelica,” where economic elites – pharmaceutical companies and upscale therapy clinics – position themselves as gatekeepers to the psychedelic experience. Controlled legalisation under a medical model limits access to those who can afford treatment or fit specific diagnoses, reinforcing social inequalities. Underground and indigenous knowledge, from Amazonian shamans to the hippie counterculture, is appropriated without credit, while prohibition criminalises non-approved users. As Belén Fernández notes, it is “mind-bending” to expect the capitalist system, which fuels “alienation and mental strife”, to heal it through commodified psychedelics. The industry’s success often depends on maintaining punitive drug policies, ensuring monopoly profits while punishing unlicensed users, particularly from marginalised communities.
As we’ve explored, psychedelic culture often frames media- and big business-informed ‘experiences’ as glimpses of a “higher reality,” “ego death,” etc., but such explorations also reflect the class privilege of typical users. Tripping requires time, privacy, safety, and support – luxuries afforded to the middle and upper classes that have long dominated academic philosophy and contemplations of metaphysics. Indeed, this framing treats the psyche as detachable, a notion rooted in the ability to abstract oneself from labour and material constraints – something even reflected in the nominative character of psychedelics, as ‘mind manifesting’. Psychedelics are sanctified as spiritual or therapeutic, unlike “dirtier” drugs like methamphetamine, which produce similar exotic states but without the cultural capital of elite institutions or Silicon Valley. This “psychedelic exceptionalism” protects privileged users while reinforcing punitive drug policies for others, perpetuating racial and class disparities.
In his book Acid Dialectics, the writer Vincent Rado’s core insight is that the various and conflicting identities of psychedelic drugs are not merely parallel but dialectically intertwined. The mystical experience, rooted in Hofmann’s 1943 “Bicycle Day” and speculative ties to the Eleusinian Mysteries, frames LSD as a gateway to transcendent truths, yet this narrative is steeped in anti-materialist ideology that aligns with neoliberalism. This mysticism enabled LSD’s use as a mind control weapon, as seen in Nazi experiments and the CIA’s MK-ULTRA program, which, per Acid Dreams, seeded the 1960s counterculture to redirect dissent into apolitical introspection. Simultaneously, LSD’s identity as a revolutionary pharmacology, embodied by Allen Ginsberg’s “psychedelic anarchism,” emerged as a reaction to such control, promising liberation through altered consciousness, yet it was co-opted by the same state and market forces it sought to resist.
These identities are mutually reinforcing: mysticism justifies commodification by promising personal transformation, while state control and marketisation limit revolutionary potential, creating a feedback loop where each role sustains the others within capitalist and statist frameworks.
The synthesis of these dialectical contradictions in 2025 manifests as a strange chimaera: the psychedelic as a controlled instrument of neoliberal therapeutics, blending personal liberation with systemic co-optation. This synthesis is evident in the mainstreaming of psychedelic therapy, where substances like LSD and MDMA are administered under clinical supervision to reintegrate individuals into societal norms rather than challenge them. As ever, a mind control legacy lingers in state oversight of psychedelic research, ensuring its use aligns with social stability rather than radical change.
In sum, a historical materialist approach does not dismiss the wonder of psychedelic experiences. The “mind-manifesting” power of psychedelics lies not in revealing other dimensions but in illuminating this one – exposing how society and power brokers co-author our innermost visions.
Ed Prideaux | Community Blogger at Chemical Collective
Ed is one of our community bloggers here at Chemical Collective. If you’re interested in joining our blogging team and getting paid to write about subjects you’re passionate about, please reach out to Sam via email at samwoolfe@gmail.com
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