Where economic power goes, political power will follow

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BACK in 1992, in his book “The End Of History and the Last Man”, Francis Fukuyama argued that liberal democracy had triumphed. The return of authoritarianism in Russia, and the growing power of absolutist China, has undermined the argument at the geopolitical level. And events in recent years have caused questions on the ability of liberal democracy to flourish in some countries where it seemed established. The new nationalists that have emerged in Turkey, Poland and Hungary tend to regard disagreement with their policies as unpatriotic and are quick to brand opponents as being in the pay of foreign powers. 

What used to be called “the Whig theory of history” saw civilisation steadily moving in a more open, liberal direction. In the late 19th century and early 20th centuries, countries became more democratic, first allowing most men and then women to vote. There were setbacks in the 1920s…Continue reading

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