Dani Rodrik points out the choice the Left has to re-energise its support base. The disruptive force of globalisation sounded – ironically – the death knell of unions and organised labour groups, which had in the past served as the “backbone of leftist and socialist movements,” defending workers’ rights. Having nowhere to turn to go, the working class had flocked to right-wing populists, who capitalise on their grievances to gain power.

But “four decades of ideological abdication has also played an important role” for its dwindling relevance. The 2008 financial crash was seen as a crisis of capitalism to some, but it was the left-leaning parties on both sides of the Atlantic that ended up flagging in the polls and election results.

The crisis ushered in deep structural and technological changes, that has altered the Continent’s economic patterns. The inability to address multiple challenges had left the unions and left-wing parties out in the cold, experiencing substantial drops in electoral support

Traditional work is fading, as people struggle through an era of gig economy, marked by temporary jobs and rising self-employment. The age of automation takes a toll on the job market . There is a new wave of opposition to globalisation, led by forces on the right, which emphasise nationalism, identity and a mistrust of foreigners. At the same time politics rapidly fragments, which leaves the idea that one single party or ideology can represent a majority of people looking obsolete. The Left needs to re-invent itself, if it wants to return to meaningful power in the 21st century.

The author denounces neo-liberalism, which denotes a preference for markets over government, economic incentives over cultural norms, and private entrepreneurship over collective action. Many in the US blame Democrats under Clinton and in the UK the New Labour under Tony Blair for many of today’s economic woes - growing economic insecurity and inequality, the loss of political values and ideals, and even the populist backlash, that catapulted Trump to power.

The author proposes mostly social-economic and fiscal policies to help integrate ordinary workers into the economy and address inequality that has been the source of many grievances. But would Bernie Sanders and Britain’s Labour leader, Jeremy Corbyn be able to revive socialism and save the Left from demise?

Sick of both liberal and conservative politicians, many voters have been drawn to the two men who appear to embody “traditional values” of the left. Outraged by Trump’s croynist and kleptocratic administration, they yearn for change. In the UK many want an end to austerity measures.

Corbyn evoked the old-line, pro-working class policies of Clement Atlee, who nationalised much of British industry after WWII and introduced state-funded health care system. Focusing on fiscal and monetary ideas, critics find his proposals to “democratise” the economy radical.

Sanders also salutes American leftist values. He believes in ethical imperative as the foundation of serious politics, and finds it hard to imagine why anyone would be involved in politics if one didn’t have a moral sense of right and wrong, of justice and injustice.

No doubt both Corbyn and Sanders would reform the labour markets, restoring the unions’ strength and ensuring the protections for workers, like higher minimum wages and adequate regulatory standards. Firms would come under scrutiny and would not be able to “retain significant bargaining leverage over employees, depressing wages and working conditions.” But would it be enough to keep everyone happy and satisfied?