Throughout most of the twentieth century both critics and defenders of capitalism believed that “another world was possible.” This alternative was generally called “socialism.” The Right condemned socialism as violating individual rights to private property and unleashing monstrous forms of state oppression; the Left saw it as opening up new vistas of social equality, genuine freedom and the development of human potentials. But both believed a fundamental alternative to capitalism was possible. This was especially important for the Left. in spite of intense debates over alternative meanings of socialism and strong criticism by the democratic Left of “actually existing socialism,” the idea of socialism provided a broad framework for Left politics, bringing together the critique of capitalism and a vision of life and institutions beyond it.

Things have changed. At the beginning of the twenty-first century, the socialist project no longer has much political credibility.*

* To read the rest, subscribe to The Point.