Politeía Digest

Quis custodiet ipsos custodes?

Among the dinosaurs

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France’s Socialists have yet to come to terms with the modern world

BLISS is it in a financial crisis to be a socialist. Or so it ought to be. In speculators and ratings agencies, Europe’s left has a ready cast of villains and rogues. In simmering social discontent, it has an energising force. A recent issue of Paris-Match inadvertently captured the mood: page after full-colour page on Britain’s rioting underclass were followed by gory visual detail of the bling yachts crowding into the bay near Saint-Tropez. Time, surely, to put social inclusion before defiant decadence.

The oddity is that almost everywhere the European left is in decline. Among the large countries, Socialist parties rule only in Spain, where they look likely to lose November’s election. The only big place where the left has a good chance of returning to power is France, at next spring’s presidential election. Yet France’s Socialist Party also stands out as Europe’s most unreconstructed. Hence the contorted spectacle of a party preparing for power at a time when the markets are challenging its every orthodoxy.

For a hint of French Socialist thinking, consider recent comments from some of the candidates who will contest a primary vote in October. Ségolène Royal, who lost the 2007 presidential election to Nicolas Sarkozy, argued this week that stock options and speculation on sovereign debt should be banned. Denouncing “anarchic globalisation”, she called for human values to be imposed on financial ones, as a means of “carrying on the torch of a great country, France, which gave the world revolutionary principles about the emancipation of the people.”

Ms Royal, believe it or not, is considered a moderate. To her left, Arnaud Montebourg, a younger, outwardly sensible sort, argues for “deglobalisation”. He wants to forbid banks from “speculating with clients’ deposits”, and to abolish ratings agencies. Financial markets want “to turn us into their poodle”, he lamented at a weekend fete in a bucolic village, celebrating the joys of la France profonde with copious bottles of burgundy. No one seems to have told him that there is a simple way to avoid the wrath of bond markets: balance your books and don’t borrow.

Next to such patent nonsense, promises by the two front-running candidates, Martine Aubry and François Hollande, seem merely frozen in time, circa 1981. They want to return to retirement at the age of 60 (it has just been raised to 62), and to invent 300,000 public-sector youth jobs. Each supports Mr Sarkozy’s deficit-reduction targets, but refuses to approve his plan to write a deficit rule into the constitution. More taxes, not less spending, is their underlying creed.

The party is not out of tune with public opinion. The French are almost uniquely hostile to the capitalist system that has made them one of the world’s richest people. Fully 57% say France should single-handedly erect higher customs barriers. The same share judge that freer trade with India and China, whose consumers snap up French silk scarves and finely stitched leather handbags, has been “bad” for France. The right has held the presidency since 1995 partly by pandering to such sentiments.

The causes of French left-wingery are various, but a potent one is the lingering hold of Marxist thinking. Post-war politics on the left was for decades dominated by the Communist Party, which regularly scooped up a quarter of the votes. In the 1950s many intellectuals, including Jean-Paul Sartre, clung to pro-Soviet idealism even after the evils of Stalinism emerged. Others toyed with Trotskyism well into the 1970s. François Mitterrand, who mentored Ms Royal, Ms Aubry and Mr Hollande, was swept to the presidency in 1981 by offering a socialist Utopia as a third way between “the capitalist society which enslaves people” and the “communist society which stifles them”.

Given such a tradition, it is possible that today’s Socialist leaders believe what they say. At any rate, there is a debate to be had about the right amount of market regulation and fiscal consolidation. Yet the problem with their promises is this: for every bit of conviction, there is a shameful share of pure posturing. Read more in The Economist.

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Written by Theophyle

August 27, 2011 at 9:15 am

One Response

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  1. “The European left is in decline”, the European right is in decline and the welfare state is in dissolution.

    Hronic

    August 27, 2011 at 10:22 am


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