The End of the Liberal cycle
The Western world, once the cradle and model of liberal democracies, is undergoing profound changes. The institutions that have long embodied the values of freedom, equality, and solidarity are now weakened, even contested. A wave of populism, both right and left, is shaking the foundations of these democracies, while authoritarian regimes, cloaked in modernity and exploiting popular discontent, present themselves as attractive alternatives. The recent re-election of Donald Trump in the United States, and JD Vance's virulent speech against liberal democratic values, mark a turning point: the end of a liberal cycle and the advent of a triumphant, mercantilist, and aggressive illiberal era. This decline in the prestige of liberal democracies, and the values that underpin them, can be explained by a set of interdependent causes that feed off each other. Economic Ultraliberalism: An Absolutist Ideology Neoliberalism, embodied by the Chicago school of economic thought, has skillfully as...