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Is Democracy All It’s Cracked Up to Be?

Some of the fastest-growing nations, like China and Singapore, are authoritarian regimes who have hand-picked elements of the capitalist system.

It’s a notion that would have shocked and challenged the founders of The Mont Pelerin Society, a society of notable economists, founded by the likes of Milton Friedman, Friedrich Hayek and Karl Popper. The promotion of free market capitalism operated in liberal democracies is at the core of what the organisation stands for.

Given such a basis in neo-classic economics, it’s interesting that the society chose to award first prize in the FA Hayek Essay Contest to Aussie Toby Evans, whose paper examines whether authoritarian capitalism is a viable alternative to the Western liberal version (read it here).

It is a question you have to ask — could the most powerful nation on earth soon by an authoritarian regime? And might others follow in its footsteps?

First published on CBS News

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