Abstract
The objective of this article is to characterize and problematize the post-Cold War ideological triumphalism of the free market and liberal democracy. Through a historical‐cultural‐political approach to studying the concepts and inherent logic of the free market and liberal democracy and their interactions, this article claims that such an ideological paradigm cannot serve as a universal political‐economic system for nation-states, nor can it be promoted to become a general principle or guideline in international relations. Furthermore, the ideology may fail to function in most developing countries, and in the long run it may decline in the established industrial democracies due to the challenges and contradictions brought about by the free market forces. The conclusion maintains that liberal democracy will eventually be market-driven, and the magic 'invisible hand' of the free market may rule every aspect of human life and may hence marketize every right of each individual human being.
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