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Market economies will become the norm from "summary" of End of History and the Last Man by Francis Fukuyama
The idea that market economies will become the norm is grounded in the belief that the forces of history are pushing societies in a particular direction. According to this view, the end of the Cold War marked the triumph of liberal democracy and capitalism as the dominant systems of government and economic organization. This triumph was not just a temporary victory, but rather the culmination of a long process of historical development. The logic behind this argument is based on the assumption that market economies are more efficient and productive than other economic systems. In a market economy, resources are allocated through the price mechanism, which allows for decentralized decision-making and competition among producers. This leads to innovation, growth, and higher living standards for the population as a whole. Furthermore, market economies are seen as more compatible with the values of individual freedom and autonomy that are central to liberal democracy. In a market economy, individuals have the freedom to choose their own occupations, start their own businesses, and pursue their own economic interests. This aligns with the broader principles of individual rights and self-determination that underpin liberal democracy. As a result of these advantages, it is argued that market economies will gradually come to dominate the global economic landscape. This process is already underway, as countries around the world have embraced market-oriented reforms and opened up their economies to international trade and investment. Over time, the argument goes, the benefits of market economies will become increasingly apparent, leading more and more countries to adopt them as the preferred model of economic organization.- The overall trajectory of history is seen as moving towards the universal acceptance of market economies as the most effective and desirable form of economic organization. This does not mean that all countries will adopt exactly the same model of capitalism, as there is room for variation and experimentation within the broader framework of market-oriented systems. However, the basic principles of market economics are expected to become the norm for the vast majority of countries in the future.
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