The Triumph of Capitalism?

The familiar debate about the prospects for capitalism and socialism has taken a sharp turn as a result of three new trends transforming the politics of the world. In brief, these are the collapse of the communist dictatorships in Eastern Europe, the end of the cold war, and the growing pace of European unification. Each by itself would represent a major development; the three together mark a profound historical change.

One likely consequence will be a relative decline in the economic ...