Indignados in Perspective

Is Social Democracy Irrelevant in a Post-Industrial Era in the West?

De-industrialization in the West, and the decline of trade unions in manufacturing, has led social democratic parties to jettison their traditional constituencies and join conservatives in dismantling the welfare state. The declining significance of manufacturing in the hierarchy of profit-making activities has led to the greater salience of finance and speculation. This has vastly increased inequalities in income and wealth across the globe and the first gauge of elections in Europe has been the reaction of markets to the results.

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