Victory of Great Democracies: England, France, USA... in World War I led to the triumph of liberalism. Many generations of enlightened Europeans dreamed of this day. It seemed that the ideal had been achieved, the future was only prosperous and the First World War would be the last European war. However, bravura speeches did not have time to subside, as history took a completely different path... to fascism and World War II. For what reason? The real book is devoted to finding the answer to this question. The author is known for his series "Forbidden Political Economy," "Trends," "Conspiracy of Europe." This book is a kind of continuation of the series - the political economic history of the 20th century.