The way I see it, we haven’t ever really had a liberal democracy. Rather we’ve always had a conservative minority with different rules for the rich and powerful from the rest of us. The New Deal was an attempt at a liberal democracy with a united working class, but that only lasted till the civil rights movement started to extend the benefits of liberal democracy beyond white people. That gave conservatives the wedge they needed to divide up the working class again.

Since then, the working class has been arguing among itself while the rich and powerful reap the rewards. I’d call that conservative capitalism, not liberal democracy.