Monday, 7 March 2011

FT Tilt - Adam Smith, Francis Fukuyama and MENA equities(Registration)

"What we may be witnessing is not just the end of the Cold War, or the passing of a particular period of post-war history, but the end of history as such: that is, the end point of mankind's ideological evolution and the universalization of Western liberal democracy as the final form of human government," Francis Fukuyama, The End of History and the Last Man, 1992.

"No society can surely be flourishing and happy, of which the greater part of the members are poor and miserable," Adam Smith, The Wealth of Nations, 1776.

The decades-long democratic deficit in the MENA region -- before regional revolts gathered pace -- was unique in the modern political world order. Every other region in the world, according to Freedom House, enjoyed a degree of political pluralism, while the MENA region stood still.


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