The European Left and the Financial Crisis

The financial crisis that erupted on both sides of the Atlantic in 2007–8 initially seemed to offer new political and economic opportunities to the European left. As financial institutions collapsed, traditional left-wing issues were apparently back on the agenda. There was the prospect of a return to a more regulated economy, with widespread state intervention to try to salvage failing banks, leading to increased scrutiny of the wages and bonuses at the upper end of the scale.

However, instead of being a trigger for a resurgence of the left, and despite a surge of support for new parties like SYRIZA and Podemos, in many European countries left-wing parties have suffered electoral defeat. At the same time, the crisis has led to austerity programmes being implemented across Europe, causing further erosion of the welfare state and pushing many into poverty.

This book examines this crucial period for the left in Europe from a number of perspectives and addresses key questions, including: How did political parties from the left respond to the crisis both programmatically and politically? What does the crisis mean for the relationship between the left and European integration? And what does the crisis mean for socialism as an economic, political and social project?

This collection compares ten EU member states and considers a range of different party families of the left, from social democracy through green left to radical left.