Cambridge, Massachusetts, April 1, 2026
Harvard historian and capitalism expert Sven Beckert has argued that the long-held assumption linking capitalism and liberal democracy is a "fatal misconception," as the neoliberal model faces growing global challenges.
Capitalism’s Resilience and Current Limits
Beckert, a professor of history at Harvard University, notes that capitalism has demonstrated remarkable resilience throughout history, surviving numerous crises, wars, and conflicts. However, he emphasizes that the neoliberal variant, which has dominated for roughly 50 years, is now reaching its limits. This strain is evident in rising economic inequalities, geopolitical tensions, and institutional fatigue across major capitalist economies.
The historian’s analysis suggests that capitalism’s adaptability does not inherently depend on democratic governance. "The idea that capitalism and liberal democracy are closely linked is a fatal misconception," Beckert states, challenging a foundational belief of Western economic thought. His perspective aligns with historical examples where capitalist systems have thrived under authoritarian regimes, raising questions about the future trajectory of global markets.