In 1989, Francis Fukuyama, now a famous political economist, wrote an essay (later to be turned into a 1992 book) entitled “The End of History?”. The philosopher claimed that with the end of the Cold War, ?mankind?s ideological evolution? (the evolution of ideas and philosophies throughout history) ceased.

The world would finally settle on ?Western liberal democracy.? Fukuyama should not be faulted for declaring an end to all threats to capitalism and democracy. It should be acknowledged, however, that his thesis conflicts with what is unfolding in the global economy.

The 2008 economic crisis is partially caused by the increase in oil prices due to the Iraq War and growing third-world economies. It is widely acknowledged that the earth?s petroleum resources are finite, and nations around the world must act now to develop sustainable energy technologies.

Even if all of them lost their dependence on petroleum this month, however, they would still have to deal with more problems. Environmental issues such as climate change are also a concern, especially when relating to the food crisis.

Francis Fukuyama?s premature declaration may have been seen as plausible right after the end of the Cold War, just as laissez-faire was seen as victorious before World War I and the Great Depression. However, with the economic crisis of this year, globalization will eventually come to a standstill ? or even reverse.

Twenty years from now, it will be common knowledge that the ?end of history? lasted for less than two decades; we entered a different world circa 2008.