Quote note (#297)
The center-left is dying, and the post-WWII Western social order with it. The invalid in ‘better days’:
After World War II, European societies were built on principles that owed a lot to center-left ideas. There was widespread agreement after the war that the political chaos and social upheaval associated with the Great Depression had been the consequence of unregulated markets, so the idea that they should be left unregulated again was an anathema. And so, when European political economies were rebuilt, they were designed to ensure that capitalism was reined in by governments. This postwar order worked remarkably well: The three decades after 1945 remain Europe’s period of fastest growth ever. […] Politically, this order’s effects were equally important. Workers and employers became more willing to cooperate, and in place of the centrifugal dynamics of the interwar years, when tough times drove voters to the extremes, good times during the postwar years drove voters back to the center. Thanks to a new relationship between democratic governments and capitalism, Europe was able — for the first time in its history — to combine economic growth, well-functioning democracy and social stability.
When you’re putting your crack cocaine habit together, it probably feels pretty good too (for a while).
ADDED: For relevance.