"I think that there was excess state regulation and state interference in economies that had developed by the 1970s. And so, you had politicians like Ronald Reagan and Margaret Thatcher that tried to roll back some of that regulation. They were supported in this by very prominent economists, like Milton Friedman. The problem was that [they] went too far and attempted to undermine all forms of state activity, even necessary ones, for example, of regulating the financial system. And as a result, we ended up with a globalization that increased inequality and led to substantial instability in the global financial system. And this, of course, provoked a populist backlash that you see both on the left and the right, which partially explains why we are where we are today."
In a 2022 El Pais article, Sergio C. Fanjul interviews Francis Fukuyama.
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