Fukuyama’s thesis that history has climaxed with liberal capitalism may have been widely derided, but it is accepted, even assumed, at the level of the cultural unconscious. It should be remembered, though, that even when Fukuyama advanced it, the idea that history had reached a ‘terminal beach’ was not merely triumphalist. Fukuyama warned that his radiant city would be haunted, but he thought its specters would be Nietzsche an rather than Marxian. Some of Nietzsche’s most prescient pages are those in which he describes the ‘oversaturation of an age with history’. ‘It leads an age into a dangerous mood of irony in regard to itself’, he wrote in Untimely Meditations, ‘and subsequently into the even more dangerous mood of cynicism’, in which ‘cosmopolitan fingering’, a detached spectatorialism, replaces engagement and involvement. This is the condition of Nietzsche’s Last Man, who has seen everything, but is decadently enfeebled precisely by this excess of (self) awareness.

Capitalist Realism: Is There No Alternative?