Capitalism versus Democracy
To commemorate its founding 25 years ago, PS will be republishing over the coming months a selection of commentaries written since 1994. In the following commentary from 2000, George Soros warns against the then-popular assumption that the spread of capitalism would also augur the spread of democracy around the world. In the face of oligarchy and cronyism, open societies cannot be taken for granted.
WARSAW – Around the world, democracy is on the march. Totalitarian and authoritarian regimes have been swept away. Popular resentment against the remaining ones is growing. But it is too early to declare victory. For although capitalism is triumphant, we cannot speak of the triumph of democracy.