The last few years have seen a seismic shift in the traditional Left and Right, both in Europe and North America. The Left used to stand for socialism. In the 1920s, this meant the abolition of private property rights to the means of production and hence the end of ‘exploitation’ of the working class by the capitalists. In the 1940s, socialism meant central economic planning where people were mostly allowed to retain their formal property rights but where the planners were supposed to direct individual efforts into the channels deemed most efficient, or socially acceptable. In the 1960s, this meant high taxes and extensive redistribution, not necessarily from the rich to the poor, but rather from those easily taxed to those with the greatest political clout. But socialism in all three variations failed. The Soviet system collapsed. Swedish-type social democracy collided with reality and was quietly abandoned. (When Margaret Thatcher was asked about her greatest achievement, she replied: ‘Tony Blair’.)

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