June 1, 2010

AT THE END OF HISTORY THERE ARE WIGGLES, NOT TURNS:

Europe's Rightward Turn (Andrew Roberts, 6/01/10, Daily Beast)

If ever in our lifetimes there was going to be a time for Europeans to question the efficacy of democratic Capitalism, this was surely it. If ever there was a time for them to raise the red banner of Socialism, prime-the-pump Keynesianism, and nationalization of the means of exchange, it is today. Behold the worst economic crisis since the Great Depression. Yet what has the European Union done, right across the continent? Exactly the opposite of what the left said it would.

Across Europe, left-leaning governments, as much as those of the right, have been cutting budgets and imposing austerity measures. Far from being the much-heralded "crisis of Capitalism" that the left has so long and salivatingly augured, this recession has in fact seen Capitalism’s ultimate triumph. Greek rioters, Spanish trade unionists, German regional governments, French pension protesters, Britain’s Labour Party, general strikes: Capitalism—in the shape of its Archangel Gabriel, the IMF—has outmaneuvered them all.

Posted by Orrin Judd at June 1, 2010 6:14 AM
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