The Value and Partisanship Basis of Left-Right Placement after the Financial Crisis

Abstract

Abstract The concept of ideology has been related to economic inequality, state intervention in the economy, party identification, moral values and, more recently, to post-materialist values. It is also argued that the general public has a perception of this concept similar to that of the elites. This article analyses the left-right continuum at the elite and mass levels in five countries, before and after the recent severe financial crisis. It investigates: i) the relative weight of values vs partisanship as the basis of left-right self-placement; ii) whether political elites and citizens share the same factors underpinning ideology; and iii) whether there have been any changes in these factors as a consequence of the 2007-2008 financial crisis. The study is a quantitative analysis making use of survey data. Findings indicate that both elites and masses concentrated in moderate positions both before and after the crisis; citizens do not follow elites when explaining left-right self-placement; and the financial crisis has led elites to move toward the right and the public toward the left. Before the crisis citizens used to base their position on the scale on partisanship more than on values. After the crisis, values surpassed partisanship. Elite placements were mainly based on values.