That is the topic of my latest Bloomberg column, here is one bit from it:
You can scold the sympathizers for their naivete or illiberal tendencies, but there is a deeper truth. Individuals have a mimetic desire to copy or praise or affiliate what is perceived as successful, and a lot of our metrics of success have to do with power rather than freedom or prosperity. So if there is a powerful system on the world stage, many of us will be drawn to it and seek to emulate it, without always being conscious of the reasons for those attractions.
This process is actually not so different from how neoliberalism attracted greater support during the 1990s, when it was perceived as the major victor on the world stage. We neoliberals liked to think that the rest of the world “finally saw the light,” but a more sober retrospective assessment is that much of the popularity boom of neoliberalism was temporary, to be wiped out by status-lowering developments, including the financial crisis and slower real wage growth.
These chains of ideological influence can be remarkably indirect. For instance, it is commonly believed that the collapse of Soviet communism led to a softening of positions within the Irish Republican Army. It’s not that anyone ever expected the Soviets to intervene in the Irish conflict, but rather a role model of resistance had been taken away, and this ultimately made the peace process easier.
There is much more at the link, none of it especially cheery. By the way, I hope you know better than to read the piece as recommending authoritarian economic policy — stay awake!