In a 2009 essay called The Education of a Libertarian, Thiel declared that capitalism and democracy had become incompatible. Since 1920, he argued,the creation of the welfare state and “the extension of the franchise to women” had made the American political system more responsive to more people – and therefore more hostile to capitalism. Capitalism is not “popular with the crowd”, Thiel observed, and this means that as democracy expands, the masses demand greater concessions from capitalists in the form of redistribution and regulation.
The solution was obvious: less democracy. But in 2009, Thiel despaired of achieving this goal within the realm of politics. How could you possibly build a successful political movement for less democracy?
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