This piece is part of the special issue of the Journal of Contextual Economics: Schmoller’s Jahrbuch.
Liberalism is losing ground, while populist or even authoritarian nationalist regimes are on the rise. This article argues that the causes of the decline are, at least partly, endogenous, that a narrow focus on economic efficiency and the successful critique of socialism and the welfare state have created an idea vacuum that has opened up for these illiberal tendencies. The conclusion is that a central challenge for liberalism is to offer a comprehensive idea and narrative about meaning and community that is not socialist, conservative or nationalist, but distinctly liberal, to counter these developments.
The full paper can be found here.