The European left and the financial crisis

Michael Holmes, Knut Roder, Michael Holmes, Knut Roder

• Publisher: Manchester University Press
• Year: 2019
• Print ISBN: 9781526124289
• eBook ISBN: 9781526124302
• Edition: 1
• Topic: Politics & International Relations
• Subtopic: Comparative Politics
• Index: Politics & International Relations

The global financial crisis of 2007-8 did not offer the political and economic opportunities to the Left that many thought it would. As financial institutions collapsed, traditional left-wing issues were apparently back on the agenda. However, instead of being a trigger for a resurgence of the Left, in many European countries left-wing parties have suffered savage electoral defeat. At the same time, the crisis has led to austerity programmes being implemented across Europe. This book brings together essays that consider ten EU member states, including all bail-out recipients and some of the main 'donor' states, in an examination of this crucial period for the Left in Europe from a number of perspectives. Comparisons are presented between the various EU member states, as well as different party families of the left, from social democracy through green-left to radical left.

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The European left and the crisis: opportunity or catastrophe?

Michael Holmes and Knut Roder

Introduction

This book examines how the European left reacted to the economic crisis triggered by the banking collapses of 2008. For some, the crisis was an opportunity for a triumphant comeback for left-wing ideas and policies and for the left to regain the political initiative. The German Social Democrats talked about the crisis being ‘a new starting point for more democracy and a new common ground’ (SPD, 2009: 5), and there were assertions that ‘the crisis in Europe can be a chance for social democracy to rediscover itself’ (Martell, 2013: 33). The crisis was interpreted as a failure of the neoliberal model. As SPD (Sozialdemokratische Partei Deutschlands, or Social Democratic Party of Germany) leader Sigmar Gabriel put it, ‘we, the Social Democrats, are convinced that capitalism needs to be tamed a second time’ (2011).

But the record of the ten years since the start of the crisis suggests that instead of creating an opportunity for a comeback, left-wing parties have suffered a series of catastrophic electoral defeats across Europe. In 2017 alone, social democratic parties suffered historic losses in a succession of elections. In the Netherlands, the Dutch PvdA was ‘hammered by its supporters’ (Graham, 2017) as it endured by far its worst-ever result. In Germany, SPD leader Martin Schulz admitted to ‘a difficult and bitter day for social democrats in Germany’ (BBC, 2017) as the party recorded its worst post-war result. In France, a commentator could ask ‘is France's Socialist Party dead?’ after its candidate fell to fifth in the presidential election (Schofield, 2017).

This book examines this crucial period for the left in Europe. It presents a comparative analysis across two dimensions. The first is between ten EU member states during the economic crisis, including bailout countries and what could be termed ‘creditor’ countries. The second dimension compares the different party families of the left, from social democracy through green left to the radical left. Even allowing for the fact that not every member state has a party system in which all these varieties of the left are present, it still leaves quite some range to consider. Rather than try to prescribe a rigid approach for every chapter, the book presents three loose over-arching questions.

First, it explores how the left-wing political parties in each country responded to the crisis both programmatically and politically. Each of our case study contributions outlines the left in their country, with the focus being primarily on parties that are present in parliament. However, one of the features of the crisis was the important role of extra-parliamentary actors and movements, so the contributors were free to broaden their analysis where appropriate. The chapters evaluate how the left has dealt w...

Table of contents

• Cover
• Half-title page
• Title page
• Copyright page
• Contents
• Figures and tables
• Notes on contributors
• Glossary and abbreviations
• 1 The European left and the crisis: opportunity or catastrophe?
• 2 The Greek left and the crisis: the demise of PASOK and the rise of SYRIZA
• 3 The changing nature of the Spanish left: an uncertain balance
• 4 Geringonça: the Portuguese left approach to the crisis
• 5 ‘Frankfurt’s way or Labour’s way’: the Irish left and the crisis
• 6 The Cypriot left and the crisis: one step forward, two steps back
• 7 The Italian left and the crisis: the case of Matteo Renzi’s Partito Democratico
• 8 The financial crisis and the curse of Latvian left parties
• 9 Navigating through troubled times: the left and the euro crisis in Finland
• 10 Take a walk on the left side: the impact of austerity politics in France
• 11 In the shadow of Merkel: the German left and the crisis
• 12 Between Scylla and Charybdis: Europe, nationalism and left politics
• 13 Alter-Europeanism? The left and European integration after the crisis
• Index