The evolution of leftist economic ideas from post-war socialism to millennial socialism
By
The Economist
Summary
The article examines how leftist economic ideas have evolved across different eras. After WWII, socialism focused on managing capitalism through nationalization and redistribution, rooted in unionized heavy industry. After the 2007-09 financial crisis, a new generation of "millennial socialists" emerged, arguing that the post-war European model created leadership too disconnected from ordinary workers. The piece signals a broader shift toward new economic thinking among the global left.
Source
bskyThe evolution of leftist economic ideas from post-war socialism to millennial socialismecon.stKey quotes
· 3 pulledAfter the second world war, especially in Europe, socialism drew strength from heavily unionised heavy industry.
It aimed not to abolish capitalism but to manage it, by nationalising utilities and redistributing income widely.
After the financial crisis of 2007-09 'millennial socialists', as The Economist dubbed them, argued that the post-war European model had created leaders too distant from ordinary workers.
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