Bank on it

As to be expected, the Economist nails it exactly.

The left's resignation note

"The proudest trophy of the left is the European social model, a web of labour and welfare laws offering a 'high degree of social protection'. The model emerged during the post-war boom, when living standards soared across western Europe. In his book 'Postwar', Tony Judt, a New York-based British academic, lists many causes: governments turned away from protectionism, people started having lots of babies, energy was cheap and Europe had much catching up to do (in 1957 only 2% of Italian homes had a refrigerator, but by 1974 94% did).

Crucially, the European social model also enjoyed an amazingly low degree of external competition. In 1960 a West German car worker had little to fear from Eastern Europe or Asia. Skodas and Nissans were pretty horrid; Chinese workers were lost to the madness of Mao. When China, India and the ex-Soviet block joined the capitalist world three decades later, the global labour pool grew from 1.5 billion to 3 billion: an explosion called the 'great doubling' by Richard Freeman, a Harvard economist.

Never again will west European workers live in a world with so little competition. Honest European politicians know this—and so, deep down, do most voters. That is why trade unions are still shedding members. It is why the mainstream left cannot credibly promise to reverse globalisation, preferring instead to blame the crisis on ill-regulated markets. But attacking market follies is hardly a distinctive position (listen to Nicolas Sarkozy, France’s supposedly centre-right president). Europe’s centre-left is struggling because its 20th century rationale is dying. If it cannot find a less muddled message that explicitly embraces globalisation, this economic crash could deliver it a fatal blow."

20th century leftists either needs to embrace 19th century liberalism or get used to losing elections, down the line.

You know what I love about the marketplace of ideas? It sticks around and sorts through this nonsense even if you don't like it. Fucking brilliant.

The marketplace believes in you even if you don't believe in the marketplace.

And liberalization, now and forever, is the wave of humanity's future.

Bank on it.