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The left has been in disarray since 1991 - it never fully recovered from the collapse of the Soviet Union, despite widespread opposition to Stalinism and -authoritarianism. In the past two decades, we have witnessed a major spasm of global capitalism that has triggered a long deflationary period across the United States and Europe. Just as the Great Depression did in the 1930s, this has created a breeding ground for xenophobia, racism and scapegoating.

The experience in Latin America and southern Europe reveals perhaps a weakness of the left: the absence of a clear program to refashion capitalism and globalization for the twenty-first century. From Greece’s Syriza to Brazil’s Workers’ Party, the left has failed to come up with ideas that are economically sound and politically popular, beyond ameliorative policies such as income transfers.

Former Greek Finance Minister Yanis Varoufakis revealed for the first time how days after he resigned, the Troika effectively abolished a unit he had set up to combat tax evasion. European Commission (EC) President Jean-Claude Junker led the efforts to prevent Greece from collecting taxes. Junker was Minister of Finance and later Prime Minister of Luxembourg from 1989 to 2013. Varoufakis called Luxembourg the largest tax haven in the world.

After a year of earthshaking victories and devastating setbacks, Europe's new progressive parties are slowly learning how to balance governance with activism.

Reader Comments: Ethel Rosenberg Celebrated in New York City; Elizabeth Warren and #BlackLivesMatter; The Obama Presidency - Afghanistan; Arne Duncan and 'Educational Reform' - Not; Racist Violence-Kansas; Syriza and its 'Left' Critics;

Despite being forced to accept under duress the Troika's demands to agree to a punitive memorandum, Syriza was able to maintain the trust and respect of a vast electorate, especially working class and young voters. With that, the original vision of Syriza not only did not die, but the struggle for a just, democratic society goes on under the party's banner.

The September election was a consequence of fundamentally undemocratic maneuvers by Tsipras designed (in the words of the DEA, a Popular Unity component) to “confirm the balance of political forces and reestablish the viability of the SYRIZA-led government before workers and popular classes realize through their own bitter experience the actual content of the agreement that was signed with the creditors on July 13.”

In upcoming votes for the European Union's most indebted countries, the left will have to battle both the forces of austerity and a resurgent xenophobic right. The backdrop for elections in Greece, Portugal, Spain, and Ireland is one of deep economic crisis originally ignited by the American financial collapse of 2007-08. The response of the EU is massive cutbacks in government spending, widespread layoffs, and double-digit tax hikes on consumers.