Capitalism is far from triumphant 30 years after the wall fell

Ideas

Capitalism is far from triumphant 30 years after the wall fell

System needs a makeover as West has become far too tolerant of monopolies, oligopolies and other restrictive practices

Liam Halligan

Amid all the madness going on in the world, the weekend marked 30 years since the fall of the Berlin Wall. The most seismic political event of the second half of the 20th century, it has been much commented upon but less widely understood.

The peaceful revolution of November 1989 sparked the collapse of communism, of course. But far from the “end of history” – as the historian Francis Fukuyama famously claimed – the Soviet Union’s demise heralded an era when history significantly sped up.

The state-planned economies – with their ghastly oppression and inefficiencies – rapidly disintegrated. A welter of previously closed, moribund economies across Eastern Europe, Russia and Central Asia spluttered into life, enduring much hardship and uncertainty, but lurching unequivocally forward...

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