Capitalism Today: The Austrian presidential election and the state of the right and the left in Europe

Europe is in a crisis. Capitalism’s contradictions resulted in a new world economic crisis that exploded in 2008. Governments have bailed out banks and have protected the rich and transnational corporations, while the mass of people has faced hyper-neoliberalism and austerity. The Troika of the European Commission, the IMF and the European Central Bank have under German conduct abandoned Europe’s weakest link Greece by refusing a debt haircut, prolonging the country’s socio-economic crisis without an end in sight, and casting doubt on the existence of solidarity in Europe. Wars and crises have resulted in refugees fleeing their home countries. Europe has failed to respond in a co-ordinated manner. Countries have blamed each other and answered with erecting borders, quotas, and fostering racism and nationalism. On the one side, new progressive movements and parties have emerged. But on the other side, a stronger tendency has been the political manifestation of nationalism, racism, authoritarianism, separatism, right-wing extremism, elements of fascism, spirals of violence, and ideological fundamentalisms. The world system’s violent political mood could be the prelude to the next world war.