Expanding mass support for socialism in the 1890s put a rude end to the optimism of laissez-faire liberals. Many saw that the twentieth century would put an end to the great civilization that had been the product of nineteenth-century liberalism.
Why do governments keep pushing CBDCs when voters hate them? Simple: CBDCs are irresistible to governments, who would dearly love to monitor and control every dollar you spend and every word you speak.
Volcker’s victory over runaway inflation was not permanent, because the temptation for central banks toward excessive printing, monetization of government deficits, and levying inflation taxes is permanent.