The Capitalist Peace: The Origins and Prospects of a Liberal Idea 1

Heralding the “end of history,” Fukuyama (1992) infamously forecast the total triumph of the twin sisters of liberalism—capitalism and democracy. Twenty years later, over one-third of the world's population live in countries characterized as “not free” (Freedom House 2009) and the economic crisis that a frenzied financial sector has brought over the world has considerably tarnished the public perception of the capitalist organization of markets. History is thus far from over, and the “victory” of the liberal coalition led by the United States seems to have been squandered.