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June 13, 2007

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Incredulous of Sussex

I'm not sure we can transfer Mr Cohen's conclusions from the specific case of France to a more general statement. We only need look at the British experience and see that the Left's sheer incompetance in both opposition and government has led to it's extinction* from nearly all areas of mainstream politics.

*Well, it's at least on the endangered species list, somewhere near the Giant Panda but without the captive breeding programme...

happyjuggler0

Volker showed the world that disinflation was possible, and enough agents in the market had finally read and digested Milton Friedman (or Ned Phelps') idea that inflation is a monetary phenomenon. Those agents forced the hand of every government in the world, Left or Right, to disinflate. Those that chose not to progressively lost access to financial markets.

In other words giving the Socialists in France in the 80's credit for disinflation where the alleged Right before them had failed is absurd. The time had come, and whoever was in office would've had no choice.

Henri Tournyol du Clos

I always am an avid reader of Daniel Cohen's op-ed pieces in Le Monde and of his books (or rather, I suppose, of his endless re-writing of the same gnostic economics book). I listen to him in the morning each time he graces France Culture with his presence. His way of presenting things is always stimulating.

Here, however, I fear he has let himself be carried away by wishful thinking. Basically, he ascribes a bright future to the modern equivalent of Neanderthal Man.

The French left is not part of a Sapiens species. It globally - and I mean its voters, not only its party workers - is bogged down in some hopeless revolutionary ideal, born in the 18th century and comforted by Marx in the 19th. Reality cannot have a hold on that fantasy world. It recognises no enemy on its left - quite the contrary, the extreme left is the "pure" left, untouched by dealings with impure capitalism/markets/other abominations.

The French left's reforming capabilities are extremely circumstancial. In 1981-83, it came to power after a long eclipse and MASSIVELY blew it. Nationalisations galore, reflation, etc. They ignored the oil price boom and the war on inflation that were going on. After two and a half years of sheer madness, reality caught up, and the choice was basically between a 180° about turn and chaos out of the EEC. Discredited to the core, they then embarked on an ambitious modernization program in order to stay a political force. For the best part of the next 20 years, each time they were in power, they remembered that lesson and used their Left credentials to push through discreetly quite a few reforms the French right, were it not only a vast special interest lobby, would not have been allowed to even contemplate. But that strategy was fundamentally alienating their voters in that fantasy world of theirs. In 2002, the Socialist party vanished in the 1st round of voting after having led a capable, modernizing government for 5 years. In 2005, to boot, Socialist voters shot themselves in the other foot and said No to the European constitution.

Politics being by nature pendular, I would say that for the next 10 years, at least, you can forget that reasonable, modernizing government left dear to Mr Cohen and only expect the loony kind in France.

Marcos Ancelovici

Cohen's point has to be understood as part of long debate in the French Socialist Party (PS). The more the PS looses elections, the more a renewal appears unavoidable. I discuss several scenarios for a renewal of the PS on my blog: http://mancelovici.wordpress.com/2007/06/13/how-to-save-the-french-socialist-party/

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That strategy was fundamentally alienating their voters in that fantasy world of theirs. I

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