After the demise of socialist societies in the late twentieth century, the West grew less concerned with the socialist challenges to capitalism as the world entered the era of globalization. Among the vast collection of scholarly works on globalization, one text stands out. Francis Fukuyama (1994) viewed the collapse of Soviet types of societies and the emergence of globalization as “the end of history,” a context in which liberal democracy and the free market economy have triumphed. Since no apparent alternative was available, liberal democracy and capitalism became global phenomena—hence Fukuyama’s term “the end of history.”
KeywordsCivil Society International Monetary Fund Global Governmentality World Bank Social Business
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