Here’s pro-business stalwart The Economist, giving a startling amount of credit to contemporary socialism. They come down against it in the end — it would be incredibly shocking if they didn’t — but their critique is thoughtful and worth reading. I love them for their intellectual honesty, even if I disagree with them more often than not, and this article is a great demonstration of that.
[EDIT – it turns out there’s an accompanying article which goes into more depth on the same stuff.]
Socialism is storming back because it has formed an incisive critique of what has gone wrong in Western societies. Whereas politicians on the right have all too often given up the battle of ideas and retreated towards chauvinism and nostalgia, the left has focused on inequality, the environment, and how to vest power in citizens rather than elites (see article). Yet, although the reborn left gets some things right, its pessimism about the modern world goes too far.
[…]
Not all millennial socialist goals are especially radical. In America one policy is universal health care, which is normal elsewhere in the rich world, and desirable. Radicals on the left say they want to preserve the advantages of the market economy. And in both Europe and America the left is a broad, fluid coalition, as movements with a ferment of ideas usually are.
Nonetheless there are common themes. The millennial socialists think that inequality has spiralled out of control and that the economy is rigged in favour of vested interests. They believe that the public yearns for income and power to be redistributed by the state to balance the scales. They think that myopia and lobbying have led governments to ignore the increasing likelihood of climate catastrophe. And they believe that the hierarchies which govern society and the economy—regulators, bureaucracies and companies—no longer serve the interests of ordinary folk and must be “democratised”.
Some of this is beyond dispute, including the curse of lobbying and neglect of the environment. Inequality in the West has indeed soared over the past 40 years. In America the average income of the top 1% has risen by 242%, about six times the rise for middle-earners. But the new new left also gets important bits of its diagnosis wrong, and most of its prescriptions, too.