Why do so many people around the world appear willing to give up freedoms in return for security or prosperity? For the past 60 years it had been assumed that capitalism was intertwined with liberal democracy. But what happens when both are undermined? Governments globally have drawn up a new pact with their peoples: repression is confined to the few who openly challenge the status quo. The rest of the population can enjoy freedom to live more or less as they wish, and to make and spend their money. This is the difference between public freedoms and private freedoms. We choose different freedoms we are prepared to cede. We all do it.