The crisis that began in 2008 exposed capitalism. It started a process in which millions of young people and workers began to challenge, not just so-called ‘neoliberalism’, but capitalism itself. Yet this crisis of capitalism, rather than propelling the left to power, has pushed the left into crisis. Superficially, this is a contradiction, but if we look beyond the surface, we see it flows from the limitations of reformist politics in a period such as the one we are living through.