But the problem for the is that their general premise can be used as the basis for an equally good argument against capitalism, an argument that the … - Kristen R. Ghodsee

Without an accompanying welfare state in which social programs funded by a progressive income tax redistribute from the rich to the poor, capitalism can be a deeply unfair system where a small, well-connected elite captures a majority of the wealth and power, and not necessarily through meritocratic processes.

Finally, to prevent the ascendance of a resurgent far right, we need to get past our red hangover and recognize the pros and cons of both liberal democracy and state socialism in an effort to promote a system that gives us the best of both. Like the sudden collapse of communism, the days of liberal democracy may be numbered, and the West could soon face its own equivalent of November 9, 1989. Twentieth-century communism failed because the ideals of communism had been betrayed by the leaders who ruled in its name. When the reforms came, they came too late: ordinary people had already given up on the system. Today, democratically elected leaders too often betray the ideals of democracy and those who are calling for reform may also be too late. Citizens across Europe and the United States have lost faith in the system, and global capitalism's final crisis could be just around the corner. Perhaps in this moment of dramatic rupture, we will have the opportunity to rethink the democratic project and finally do the work necessary to either rescue it from the death grip of neoliberalism, or replace it with a new political ideal that leads us forward to a new stage of human history.

Many former socialist citizens, as well as political leaders like Vladimir Putin, believe that the chaos and pain of the transition process was deliberately inflicted by the West on its former enemies, as punishment for the East's long defiance of liberal democratic norms and market freedoms.