Giving the Well-Performing State Its Due

Capitalism’s success depends not only on macroeconomic policy or economic indicators. As examples around the world show, it rests on a bedrock of good governance and the rule of law – in other words, a well-performing state.

MADRID – The triumph of democracy and market-based economics – the “End of History,” as the American political philosopher Francis Fukuyama famously called it – which was proclaimed to be inevitable with the fall of the Berlin Wall, soon proved to be little more than a mirage. However, following China’s intellectual pirouette to maintain one-party rule while embracing the capitalist credo, history’s interpreters shifted their focus to the economy: not everybody would be free and elect their government, but capitalist prosperity would hold sway worldwide.

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