Paul Krugman: Labour’s Dead Center

Jeremy Corbyn, a long-time leftist dissident, has won a stunning victory in the contest for leadership of Britain’s Labour Party. Political pundits say that this means doom for Labour’s electoral prospects; they could be right, although I’m not the only person wondering why commentators who completely failed to predict the Corbyn phenomenon have so much confidence in their analyses of what it means.

But I won’t try to get into that game. What I want to do instead is talk about one crucial piece of background to the Corbyn surge — the implosion of Labour’s moderates. On economic policy, in particular, the striking thing about the leadership contest was that every candidate other than Mr. Corbyn essentially supported the Conservative government’s austerity policies.