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political system that is able to maintain societal consensus for long-term
change is needed for policy stability.

The challenge is made even more difficult in a turbulent global
environment characterized by an increasing loss of confidence,
particularly by the young, in the ability of liberal democracy to guide
needed economic transformations. This raises the question, posed by
24
Rodrik , that just as economic market-supporting institutions can take
different forms, for example in the U.S., Europe, China, Japan, India,
and Singapore; can there also be forms of liberal democracy that both
provide needed policy stability for long-term economic structural change,
and yet accommodate and reconcile divergent interests that inevitably
emerge.

Can liberal democracy be also compatible with a variety of
institutional frameworks that equally guarantee fundamental economic,
political and civil rights? The British parliamentary system differs in
important ways from the U.S. presidential system in both political
processes and government institutions. Yet both are robust liberal
democracies. The broad challenge then is to devise further refinements
of sustainable liberal democracy that can accommodate the requirements
of the needed long-term structural transformation of Asian emerging
economies, and maintain on-going societal consensus for change.

24 D. Rodrik, 2017. Straight Talk on Trade: Ideas for a Sane World Economy.
Princeton University Press, Princeton, New Jersey.

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