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The excerpt discusses the recent decline of American economic growth and corresponding social inequalities in the United States. This issue has been gaining attention in recent years, as evidenced by the Nobel Prize-winning American economist Daron Acemoglu's 2026 book, "What Happened to Liberal Democracy?" Acemoglu attributes the country's economic boom in the post-war period to the functioning of liberal principles, but argues that the current economic struggles cannot be explained by ignoring this aspect.

Acemoglu explores the philosophical origins and history of liberalism, and examines the factors contributing to its current crisis. He outlines the need to revive liberalism in the post-industrial and digital age, along with concrete solutions. His conclusion, "working-class liberalism," summarizes this process, emphasizing that liberalism is a complex and nuanced concept with a common denominator: respect for individual rights and freedoms, checks on power, equality before the law, a belief in progress, and a commitment to helping the vulnerable.

Acemoglu criticizes the current liberal version of the Democratic Party in the United States, which has become dominated by urban elites and has become less supportive of working-class interests. He argues that the issues of representation for working-class people have worsened as the Democratic Party has shifted towards more progressive and identity-based politics. This shift has been observed in the growing prominence of "cancel culture" and "platform shutdowns" on the left, which threaten free speech.

The author emphasizes the importance of free speech as a core value of liberalism, even when expressing unpopular or contentious opinions. In the context of current global challenges like climate change, Acemoglu calls for a more inclusive and socially responsible version of liberalism that emphasizes shared prosperity and public services.

He advocates for "worker-friendly AI" that can help workers adapt to technological changes instead of replacing them. Overall, Acemoglu's work presents a comprehensive and critical look at the state of liberalism in contemporary society, highlighting the need for a more inclusive and socially responsible approach.