The European Left and the Financial Crisis

The global financial crisis of 2007-8 did not offer the political and economic opportunities to the left that many thought it would. This book examines the crucial period for the left in Europe from a number of perspectives, comparing EU member states and different party families of the left.

Format: Paperback / softback
Length: 256 pages
Publication date: 21 April 2022
Publisher: Manchester University Press

The global financial crisis of 2007-8 presented a mixed bag of opportunities for the left in terms of political and economic influence. While many expected the crisis to reignite the flames of left-wing ideologies, it ultimately had a different outcome in many European countries. As financial institutions crumbled, traditional left-wing issues such as social welfare, labor rights, and economic equality regained prominence. However, the crisis did not translate into a resurgence of left-wing parties. In fact, in many European countries, left-wing parties faced severe electoral defeats.

At the same time, the crisis led to the implementation of austerity programs across Europe. These programs aimed to reduce government deficits and stabilize economies, often at the expense of social welfare programs and public services. The impact of these austerity measures on the left was significant, as many of their policies and programs were cut or reduced.

This book brings together a collection of essays that examine the global financial crisis of 2007-8 from a variety of perspectives. The essays explore the crisis in ten EU member states, including all bail-out recipients and some of the main donor states. The comparisons between these states and different party families of the left, ranging from social democracy to green left to radical left, provide a comprehensive analysis of the challenges and opportunities faced by the left in Europe during this crucial period.

One of the key findings of the book is that the crisis has had a different impact on different EU member states. Some countries, such as Greece and Portugal, faced severe economic and social unrest as a result of the crisis, leading to the rise of left-wing parties that promised to address these issues. However, in other countries, such as Germany and the Netherlands, the crisis was managed more effectively, leading to a decline in support for left-wing parties.

The essays also highlight the differences between different party families of the left. Social democratic parties, for example, have traditionally focused on social welfare programs and economic equality, while green left parties have emphasized environmental sustainability and social justice. Radical left parties, on the other hand, have often been associated with anti-capitalist and anti-imperialist ideologies.

Despite the challenges faced by the left, the book suggests that there are still opportunities for the left to make a comeback in Europe. One of the key factors is the growing dissatisfaction with mainstream political parties, particularly among young people and marginalized communities. The rise of populist movements, such as the Brexit movement in the United Kingdom, has also highlighted the need for alternative political ideologies that offer a more progressive and inclusive vision for the future.

In conclusion, the global financial crisis of 2007-8 presented both challenges and opportunities for the left in Europe. While the crisis led to the implementation of austerity programs that undermined many of their policies and programs, it also highlighted the need for alternative political ideologies that offer a more progressive and inclusive vision for the future. The essays in this book provide a valuable insight into the state of the left in Europe and offer a roadmap for rebuilding and revitalizing the movement.

Dimension: 234 x 156 (mm)
ISBN-13: 9781526163691