First published: Spring 1993
The electoral collapse of the French and Italian Socialist Parties signals the demise of Euro-socialism, the dominant current in the West European labour movement for the last decade. This is simply the latest symptom of the crisis of the European Community. The EEC is being ground between the external competitive pressure of the United States and Japan, and the internal dominance of the unified Germany. Rather than offering reforms, Maastricht proposes to dismantle the welfare state in Western Europe. The rise of the extreme right and the collapse of Euro-socialism are logical results.
In Europe imperialism is suffering its first substantial reverses since Gorbachev came to power in the Soviet Union. At the beginning of 1992 imperialism recorded an historic triumph with the installation of a capitalist government under Yeltsin in Russia. But a year later Yeltsin had lost his majority in the Congress of People’s Deputies. George Bush failed to secure re-election in the United States, Japan faced financial crisis and the European Monetary System came apart at the seams. Thus the re-charged imperialist system, which delivered Washington’s triumphs at the end of the 1980s, has started to exhaust itself.