The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Since the beginning of the Cold War, Western political culture has been defined by a widespread commitment to liberalism, a political philosophy premised on individual choice, non-negotiable rights (especially those of minorities), state neutrality, and constraining the role of “private” religious belief in the public sphere.
Recently, however, a growing number of Western intellectuals and politicians have begun to call this commitment to liberalism into question. Populist movements in Europe and the United States have revived illiberal notions of ethnonationalist identity and belonging, while authors such as the French novelist Michel Houellebecq and the American political theorist Patrick Deneen have written best-selling books suggesting that liberal society, because it brackets the most fundamental questions of what it means to be human, is unable to sustain itself over the long run. Instead of doubling down on liberalism, these critics have alternated between proposing serious alternatives and offering laments of heroic resignation.