One sees the argument that liberal democracy has failed fairly frequently these days. The basis for the argument is that virtually all LDs have experienced slow growth and higher levels of inequality over the last few decades.
But is it true? I would say no, for the following reasons:
- As I noted before, what alternative system has generated higher levels of growth, other than China? Would you really rather live in the land of Uighur camps?
- Focusing just on the last few decades is a mistake. Over a longer period of time, LD has brought unprecedented prosperity to America and to Europe.
- LD is not just, or even primarily, a cash machine. The quality of life that it brings–the freedom to think and experience life as you see fit, so long as you don’t injure your neighbor–is far more important. There is no substitute for that, regardless of the levels of growth or the workings of the welfare state.
- In any event, LD is not responsible for policy mistakes. There is no guarantee in any political system that the powers-that-be will make wise decisions. Blame the politicians, not the system.