Summary: During the Great Depression, people began ditching capitalism for alternative ideologies like communism or socialism. That hasn't happened during the Great Recession, despite people saying that capitalism's flaws are on full display. Socialist parties have been losing ground across Europe. In Germany, for example, the Socialist Democratic Party just made its poorest showing in elections since World War II. Eurasia Group's David Gordon says the political right is doing well in Europe these days because it has co-opted issues that traditionally belonged to the left. Where the left remains popular, as it does in Latin America, successful politicians have moved to the right. Meanwhile, he argues, the left lacks a compelling narrative about what caused the economic crisis.
