Image by © Dreamstime

Image by © Dreamstime

by Michael J. Boskin

STANFORD – When the Berlin Wall fell a quarter-century ago this November, pundits led by Francis Fukuyama proclaimed the end of history – the triumph of democratic capitalism over all rival systems. America’s economic success and the collapse of communism fed the narrative. The long political, intellectual, and, at times, military confrontation that we knew as the Cold War was over.

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