![]() In this unfolding age of pessimism, the United States and its key security partners are rethinking their foreign policies. Failure to do so could usher in a new era of what Fukuyama labeled an age of pessimism, blinding many to the inherent weaknesses of totalitarianism. The challenge for democratic capitalism is to regain global economic dynamism. These problems are coincidental with the return to Great Power competition and the incipient fracturing of global markets and common rules-based discourse along evolving modern spheres of influence. Hu tweeted, along with a photograph of the latest mobile intercontinental ballistic missile, “China was just fine forgoing the ‘good stuff’ of electoral democracy on display in ‘Haiti, Libya, Iraq, and Ukraine.’” 3 A consequence of this material success, as president of the World Bank Jim Yong Kim stated in September 2018, was that historic reductions in poverty since the Cold War began to slow. often creates its own legitimacy: regimes become morally appealing simply by virtue of their triumph.” 2 In this contest, China’s economic success and skepticism of democracy are potently captured in the words of Hu Xijin, editor in chief of the state newspaper, Global Times. As Seva Gunitsky states, “Material success. The stakes are high, and democracy alone does not guarantee success in this strategic competition. Today’s Great Power competition is over control of economies and the underlying global rules-based order-in other words, state capitalism versus democratic capitalism rather than an ideological competition of governing systems. ![]() ![]() ![]() That period in history is over, however, having been replaced with the stark realism of Great Power competition. Euphoria was so high that, by 1992, ideologically driven war had become a relic, or what Francis Fukuyama called the “end of history.” 1 In the years immediately following, an explosion of freely moving capital across opening markets underwrote the greatest growth of prosperity and reduction in poverty the world had ever seen. History does not repeat itself, but it rhymes.įor some, the end of the Cold War in 1991 was a vindication of democracy’s supremacy over dogmatic Marxist ideology-a victory underwritten by the free flow of capital leading to sustained improvements in prosperity wherever capitalism was embraced. ![]()
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