If the Left had the wind in its sails and History on its side, then a new generation of Right-wing literati would take pride in being defiant losers,… - Tony Judt

The two decades following the end of the late-nineteenth century economic depression were the first great age of globalization; the world economy was truly becoming integrated in just the ways Keynes suggested. For precisely this reason, the scale of the collapse during and after the First World War and the rate at which economies contracted between the wars is difficult for us to appreciate even now. Passports were introduced; the gold standard returned (in 1925 in the British case, reinstated by Chancellor of the Exchequer Winston Churchill over Keynes’s objections); currencies collapsed; trade declined.

The intellectual condition of post-war Western Europe would have been unrecognizable to a visitor from even the quite recent past. German-speaking central Europe—the engine room of European culture for the first third of the twentieth century—had ceased to exist.

The past was neither as good nor as bad as we suppose: it was just different. If we tell ourselves nostalgic stories, we shall never engage the problems that face us in the present—and the same is true if we fondly suppose that our own world is better in every way. The past really is another country: we cannot go back. However, there is something worse than idealizing the past—or presenting it to ourselves and our children as a chamber of horrors: forgetting it.