On the left you had a different aspect of individual autonomy that was pushed to an extreme, which really had to do with the autonomy that individuals have to create their own lifestyles. ...[T]he basic concept of liberal autonomy has to do with your ability to make moral choices, but as time went on the emphasis came to be not on making the right moral choices within an existing moral framework, but rather to be able to make up that framework on your own, that that was the ultimate expression of individual human freedom, and it has obvious problems for a society because all societies have to be based on shared norms that allow people to coordinate their actions, to communicate, and the like... [I]f you believe that the rules can be... set by anybody and that transgressing existing rules is automatically a good thing, you're not going to have... a stable society.

The one on the right concerned the shift from an older understanding of economic liberalism to what is now called "neoliberalism." Neoliberalism is not... a synonym for capitalism. I don't see how you can have any kind of modern economy without a market based economy. Neoliberalism took that basic insight and stretched it to an extreme seeking to deregulate, privatize and basically pull back the role of the state, which many neoliberals regarded as simply obstacles to individuals, to entrepreneurship, to economic growth, and as a result markets did their usual work. They produced a great deal of inequality, as... global corporations searched for very small cost advantages by moving jobs to low cost areas... [T]hey destabilized the global economy in certain important ways by deregulating the financial sector. As a result of the deregulation that occurred in the 1980s and 90s we had an escalating series of financial crises. In the sterling crisis, the Asian financial crisis, Argentina, Russia, and finally culminating in the big American subprime crisis in 2008. The... cumulative effects of this instability were political and they were very serious because many ordinary people were hurt... a lot of people lost their homes, lost their jobs, and the elites that ran these big banks and financial institutions suffered only a momentary disruption in their incomes, and went on to continue to dominate their respective economies... [T]his had a direct impact on the rise of populism in subsequent years, both on the right and on the left.

Now the argument that I make in my book is that part of the current disaffection with liberalism is not from any of its basic principles, but... is the result of certain deformations of liberal principles that were carried to extremes that led... to bad outcomes... [T]here's a move in this direction on the right and... on the left.

Then finally, there's a good economic reason for choosing a liberal society because among the rights that liberalism protects is the right to own private property, to transact, to engage in commerce, and therefore it is the basis of a market economy. Liberal societies like England and the Netherlands in the 17th century, were the leaders in terms of creating the modern economic world precisely because they respected property rights and trade. Even Communist China, when it opened up in... 1978, did so by adopting certain liberal principles. Deng Xiaoping allowed peasants to keep the fruits of their labor, and as a result of those incentives, quasi-property rights, agricultural productivity doubled in the space of 4 years, and in general, the most dynamic parts of this amazing Chinese growth story come from the private sector where people are allowed to buy and sell, and... in effect to own property. So even in a... politically illiberal society, economic liberalism has led to tremendous prosperity. So those are the 3 reasons.

The second reason has to do with the moral basis, which is the protection of human autonomy. ...If you ask, in what sense could a liberal believe that all people are equal, when they differ by skin color, by gender, by intelligence, by many other characteristics. The answer... goes back to the fundamental insight... in the Book of Genesis... that Adam and Eve are told not to eat of the Tree of the knowledge of good and evil by God and they disobey Him. ...It gives human beings a moral status that other parts of created nature don't have. They can make moral choices. They can distinguish between right and wrong, and it is that ability to choose morally, that ultimately is what makes us all equal because we share that despite the more superficial differences... [I]t's that right of autonomy... the decisions on what to do in life, where to live, who to marry, what beliefs to engage in. These are all essential characteristics of every human being that every human being wants, and the liberal regime protects that autonomy.

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The practical reason has to do with that original purpose of liberalism, which was to lower the temperature of politics by taking final ends off the table, and allowing societies to govern themselves when they face religious or national diversity... [T]hat remains one of its biggest selling points. In India, the republic that was created by Gandhi and Nehru was a liberal republic. They did not define themselves in religious terms. They knew that they had to deal with the incredible diversity, not just religious but in terms of cast, , language, many other dimensions... [A] liberal republic was... the only way of accommodating that diversity. What prime minister Modi is seeking to do... is to shift that national identity to one based on Hindu nationalism, which then excludes the up to 200 million Muslims that live in contemporary India, as well as... Parsis, Christians, other people... When he was the chief minister [2001-20014] in Gujarat this led to communal riots, and I'm afraid that India is moving toward that kind of communal violence once again today. ...So that's the pragmatic reason.

[T]hat's... the crisis. The number of liberal democracies measured by... Freedom House in its annual survey of freedom around the world has been in decline for 16 straight years, and the biggest declines recently have been in the two biggest liberal democracies, India and the United States. So... we're dealing with a big global problem.

It's also been attacked from the left by people... I teach students at Stanford, and many of them think that liberalism is... the doctrine of their parents' or their grandparents' generation, but it's really not relevant to Gen Z younger people who are impatient for social justice and social change that liberalism is not providing.

[L]iberalism has been very severely threatened in recent years. It's been threatened from a number of sources. So internationally you have two great powers, Russia and China, that are definitely not liberal polities, that have expansive ambitions... [A]s Vladimir Putin said... in an iterview with the FT in 2019 "Liberalism is an obsolete doctrine." But the threat... also comes from other places. ...[Y]ou have the rise of a populist nationalist right in many countries. This is Viktor Orbán in Hungary. This is Narendra Modi in India, Donald Trump in the United States, ...Marine Le Pen in France. All of them criticizing liberalism precisely for the tolerance that it permits and tries to deal with, in diverse and increasingly ethnically and racially diverse countries.

I have a broad definition... Liberalism is a doctrine that was developed in the middle of the 17th century, at the end of Europe's wars of religion, in which a number of early liberal thinkers... said we need to lower the aspirations of politics, not to seek after "the good life" as defined by a particular religious doctrine, but simply to protect life itself by cultivating a virtue of tolerance, whereby, at that time Protestants and Catholics, but... today maybe and could live together peacefully, allowing each to individually choose... what to believe, what to speak, and the like. It believes that all human beings are endowed with a certain basic level of dignity that is equal among all those human beings, and it is institutionalized through a rule of law, by constitutional provisions that prevent the excessive power of the state to limit individual choice. It's not necessarily associated with a particular economic ideology, except that it does protect private property rights... [S]o you can have an expansive social democratic government, like in Sweden or Denmark, or you can have a more limited one like in the United States... [T]hose are all... liberal societies because of that commitment to rule of law.

[A]ny American ally will welcome Biden as president, will be happy that he was elected, but will be a little... distrustful because the Republicans could make a come-back in 2022. They could win the presidency again in 2024. ...[T]here's is still a good third of the American public that remain very strong Trump voters. They're very angry and... are not going to go away... [T]herefore the ability of the United States to resume its role as the chief defender of the liberal order... is going to be contested, both domestically and... by American friends. If this leads to more self-reliance on their part, that may not be the worst thing in the world, but it is going to mean a very different kind of world order than the one I grew up arguing with about.

Because the President has undisputed authority over foreign policy, President Biden... will be able to reinsert the United States into the international system. He will rejoin the World Health Organization, the Paris Climate Accords, he will go to NATO and reaffirm support for... our Asian allies, for Australia, for every other country that has depended on... American power, but... it's going to be extremely difficult to return to the kind of world that we assumed existed before 2016, because America does remain fundamentally divided. That bipartisan support for the liberal international order that we thought was extremely strong is no longer...

[W]hile Trump is not going to be president, Trumpism is going to survive. ...[T]he Democrats need to look very very carefully at those election results because ...the Republicans did well not necessarily because people love what they represent, but because they don't like what the Democrats represent... [U]nless they sort out what that is, they are going to continue to lose elections.