Twenty-five years ago this summer, Francis Fukuyama announced the “end of history” and the inevitable triumph of liberal capitalist democracy. His argument was simple: Democracy would win out over all other forms of government because the natural desire for peace and well-being set nations on a path to progress from which it was impossible to divert. If a state—even a Communist state—wished to enjoy the greatest prosperity possible, it would have to embrace some measure of capitalism. Since wealth-creation depends on the protection of private property, the “capitalist creep” would invariably demand greater legal protection for individual rights.
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