Francis Fukuyama, the distinguished political economist and scholar of geopolitics, famously wrote the book ‘The End of History and the Last Man’ in 1992. In his book, Fukuyama argued that Western liberal democracy coupled with economic freedom and market capitalism is the pinnacle of human social and cultural evolution. Those were the heady days of the collapse of the Berlin Wall (1989), the unification of Germany, liberation of the East European states from the Soviet yoke, and, amazingly, the sudden collapse and dismemberment of the once mighty Soviet Union (1991).

Competing Systems Before World War II

In the period between the two great wars (1919-1939), there were three competing systems of government vying for global supremacy. Hitler and Mussolini built fascist societies and achieved quite breathtaking results. A resurgent Germany witnessed inflation coming under control, massive infrastructure building, full employment, re-militarisation, and restoration of national morale. The Soviet Union appeared to demonstrate communism in practice with infrastructure buildup, collectivisation, militarisation, missile and space capabilities, and expansion of education and public goods. The United States, Britain, and France continued on the path of liberal democracy, economic competition and consumer choice, and market capitalism. For a moment, it appeared that the fascist model was invincible.

The Second World War ended with the decisive defeat of fascism. The United States emerged as the preeminent economic and military superpower, as Britain lost its empire and global clout. Soviet Union, fresh from the heroic resistance and sacrifice that contained and helped defeat fascism, became the sole challenger of American hegemony, just as the US was the sole power to contain........

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