Global wealth is shifting to more authoritarian parts of the world, and it isn’t clear how well democracy will fare without economic dominance
As the 20th century drew to a close, democracy was on the march. The Soviet Union was gone, Nazism was a distant nightmare and every continent showed signs of moving toward free elections and the rule of law. All of humanity was finally coming to recognize the transcendent principles of democratic liberty and equality—or so many observers concluded.
Looking back, the reasons for democracy’s appeal in those heady days appear more complicated. A big part of it had to do not with noble ideals but with economic success. The world’s...
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