The most predictable phenomena can also be the most surprising. Just look at the revival of “socialism” as a politically viable idea in the US and UK.
Ten years ago, the global crisis laid bare the failures of financial capitalism. This gave the political left an opportunity to win support for its agenda. Yet almost every established centre-left party in the developed world bungled this shot at political dominance.
Instead of a comeback, we seem to be getting a throwback. The only leftwing politicians to prosper have been those who reject the “third way” centre-leftism of the 1990s. In the UK, Jeremy Corbyn has taken over the Labour party with the support of a hugely expanded membership. In the US, Bernie Sanders’ socialist primary campaign gave Hillary Clinton a run for her donor class money in 2016. In recent local results, like-minded politicians Alexandria Ocasio-Cortez and Rashida Tlaib have won safe-seat Democratic party nominations to Congress. Polls show that about half of young Americans now favour “socialism” over “capitalism”.