Socialism: Be Careful What You Wish For

For so long, it appeared that socialism had definitively failed in practice and had lost its appeal as an economic ideology. The Union of Soviet Socialist Republics (USSR) had crashed; its Eastern European satellites had escaped in the 1990s; China had transitioned from socialism to state capitalism beginning with the economic reforms of 1978 and has carried on energetically ever since; communist Cuba had declined to an offshore holiday resort for Canadians and Europeans, and socialist Venezuela totally collapsed. In a 1989 essay entitled “The End of History?”, Francis Fukuyama argued that, in the events mentioned above, we were witnessing “an unabashed victory of economic and political liberalism.”

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