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This book started from our discussions of a paradox.
Yet despite its importance it has been curiously little discussed in the academic literature.
On the one hand, the last century of advanced capitalism in the developed world has been one of deep and conflictual instability: two world wars (as well as Vietnam and Korea), technological revolutions, massive social and economic transformation, the collapse of the white colonial empires, fascism, the rise and then fall of the communist bloc and the Cold War, and two great financial crises with subsequent extended deep recessions.
On the other hand, this same developed world of advanced capitalism in this same last century has been spectacularly successful in any remote historical comparison in massively raising living standards, in widely diffusing education, and in remaining highly egalitarian in comparison to states elsewhere. Equally it has been a century in which democracy—established in all the then industrialized countries by the early 1920s—has remained in place (leave aside the 1935–45 exceptions).
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