““The Great Transformation (1944) that ‘the utopian experiment of a self-regulating market will be no more than a memory’. In the 1980s, the decade of deregulation and privatization in the West, however, this experiment was revived. The collapse of communist regimes in 1989 further emboldened the bland fanatics, who had been intellectually nurtured during the Cold War in a ‘paradise’, as Niebuhr called it, albeit one ‘suspended in a hell of global insecurity’. The old Hegelian-Marxist teleology was retrofitted rather than discarded in Fukuyama’s influential end-of-history hypothesis.””
