The Lost Left

Today, Europe's democracies are arguably going through the toughest times they have faced since the end of the Second World War. Economic growth is anemic and parts of Southern Europe, especially Greece, are struggling to recover from Depression-like downturns. Unemployment remains high, especially among the young. Poverty and inequality are increasing while social-welfare programs are being squeezed. As bad as the economic scene is, the political one is even worse. Disillusionment with European and domestic institutions and elites is at record levels and extremist parties on both the right and left have created political instability, making it extremely difficult to come up with sensible solutions to serious challenges. There is a large list of standard culprits. Some fault the wave of neoliberalism that swept the globe as the twentieth century waned and the twenty-first century began. An uncritical embrace of markets, it is said, both caused an economic crisis and left democratically elected governments unable to respond to it.