From Daron Acemoglu, 2024 Nobel laureate in economics and coauthor of Why Nations Fail, an ambitious and expansive inquiry into the biggest story in global politics over the last hundred years: the rise and fall of liberal democracy.
The dissolution of the Soviet Union in 1991 raised hopes that we were one step closer to the triumph of liberalism. Soon, many predicted, we would all be living in functional liberal democracies. Sustained economic growth would benefit all segments of society and war would be a relic of the past. A generation later, one can only ask: What happened?
Nobel laureate Daron Acemoglu argues in this powerful book that liberal democracy flourished when it pursued its core promises of shared prosperity, democratic governance, and the free pursuit of knowledge. But liberalism, a philosophy built to challenge power, never fully adjusted to becoming the establishment. Nor was it able to deal with the economic and social disruptions that digital technologies wrought. Worse, in the postindustrial economy, liberalism turned its back on its core promises. As a segment of college-educated elites became politically dominant and separated from the rest of society, they sowed the seeds of widespread inequality while intensifying efforts to reshape mass culture and values.
Acemoglu, using the wide interdisciplinary lens that has won him acclaim, documents the extraordinary, unparalleled progress that liberalism created, and recounts how liberal democratic institutions plunged themselves into crisis over the last several decades. Looking at rapid advances in technology, shifts in regulatory environments, global political history, and economics, Acemoglu lucidly lays out the successes and failures of our most important political system. And he envisions a new way forward, which he calls working-class liberalism: a philosophy that prioritizes shared prosperity, empowers communities, and accommodates a range of values and views.
"This book makes a powerful case for rebuilding Roosevelt-like 'working-class liberalism.' A very important work and a must-read." —Thomas Piketty, #1 New York Times bestselling author of Capital in the Twenty-First Century
"Daron Acemoglu is arguably the greatest economist of our generation. He argues that tackling the gigantic economic divide is essential to renew liberalism itself. His call for a working class liberalism is a needed shot in the arm for a governing philosophy that has appeared tired and ineffective compared to the energetic demagoguery of our time." —Ro Khanna, member of Congress and author of Progressive Capitalism
"Why has liberal democracy, after being so successful at promoting prosperity for most of the 20th century, failed in recent years? How can ignorant people be made useful? Why does the average American now have many fewer friends than a few decades ago? How does the University of California at Berkeley resemble early Christianity and Chairman Mao’s Cultural Revolution? Questions such as these drew millions of readers to Daron Acemoglu’s previous books. They pepper this newest book of his. Millions more readers will now treasure his thoughtful proposed solution to the most important question of modern democracy." —Jared Diamond, Pulitzer Prize-winning author of Guns, Germs, and Steel
"Has liberal democracy failed? Many think so, but not Daron Acemoglu. In this elegant and deeply informed book, he explains why liberalism is worth saving despite today’s widespread skepticism. Indeed, it must be saved, and he details what we need to do. The argument is both necessary and inspiring." —Angus Deaton, 2015 Nobel Prize in Economics
“Stop whatever you are doing and read this book. American democracy is on fire, and Daron Acemoglu has not only figured out why this happened, but he also knows how we can find a better future – through understanding how the economy really works and changing the path of innovation to create more good jobs. A must read for anyone interested in technology, economics, politics, sociology, and the future of the world.” —Simon Johnson, 2024 Nobel Prize in Economics and Former Chief Economist, International Monetary Fund
From Daron Acemoglu, 2024 Nobel laureate in economics and coauthor of Why Nations Fail, an ambitious and expansive inquiry into the biggest story in global politics over the last hundred years: the rise and fall of liberal democracy.
The dissolution of the Soviet Union in 1991 raised hopes that we were one step closer to the triumph of liberalism. Soon, many predicted, we would all be living in functional liberal democracies. Sustained economic growth would benefit all segments of society and war would be a relic of the past. A generation later, one can only ask: What happened?
Nobel laureate Daron Acemoglu argues in this powerful book that liberal democracy flourished when it pursued its core promises of shared prosperity, democratic governance, and the free pursuit of knowledge. But liberalism, a philosophy built to challenge power, never fully adjusted to becoming the establishment. Nor was it able to deal with the economic and social disruptions that digital technologies wrought. Worse, in the postindustrial economy, liberalism turned its back on its core promises. As a segment of college-educated elites became politically dominant and separated from the rest of society, they sowed the seeds of widespread inequality while intensifying efforts to reshape mass culture and values.
Acemoglu, using the wide interdisciplinary lens that has won him acclaim, documents the extraordinary, unparalleled progress that liberalism created, and recounts how liberal democratic institutions plunged themselves into crisis over the last several decades. Looking at rapid advances in technology, shifts in regulatory environments, global political history, and economics, Acemoglu lucidly lays out the successes and failures of our most important political system. And he envisions a new way forward, which he calls working-class liberalism: a philosophy that prioritizes shared prosperity, empowers communities, and accommodates a range of values and views.
Praise
"This book makes a powerful case for rebuilding Roosevelt-like 'working-class liberalism.' A very important work and a must-read." —Thomas Piketty, #1 New York Times bestselling author of Capital in the Twenty-First Century
"Daron Acemoglu is arguably the greatest economist of our generation. He argues that tackling the gigantic economic divide is essential to renew liberalism itself. His call for a working class liberalism is a needed shot in the arm for a governing philosophy that has appeared tired and ineffective compared to the energetic demagoguery of our time." —Ro Khanna, member of Congress and author of Progressive Capitalism
"Why has liberal democracy, after being so successful at promoting prosperity for most of the 20th century, failed in recent years? How can ignorant people be made useful? Why does the average American now have many fewer friends than a few decades ago? How does the University of California at Berkeley resemble early Christianity and Chairman Mao’s Cultural Revolution? Questions such as these drew millions of readers to Daron Acemoglu’s previous books. They pepper this newest book of his. Millions more readers will now treasure his thoughtful proposed solution to the most important question of modern democracy." —Jared Diamond, Pulitzer Prize-winning author of Guns, Germs, and Steel
"Has liberal democracy failed? Many think so, but not Daron Acemoglu. In this elegant and deeply informed book, he explains why liberalism is worth saving despite today’s widespread skepticism. Indeed, it must be saved, and he details what we need to do. The argument is both necessary and inspiring." —Angus Deaton, 2015 Nobel Prize in Economics
“Stop whatever you are doing and read this book. American democracy is on fire, and Daron Acemoglu has not only figured out why this happened, but he also knows how we can find a better future – through understanding how the economy really works and changing the path of innovation to create more good jobs. A must read for anyone interested in technology, economics, politics, sociology, and the future of the world.” —Simon Johnson, 2024 Nobel Prize in Economics and Former Chief Economist, International Monetary Fund
