Yascha Mounk and Francis Fukuyama look back at this year—and make predictions for 2026.

Francis Fukuyama is the Olivier Nomellini Senior Fellow at Stanford University. His latest book is Liberalism and Its Discontents. He is also the author of the “Frankly Fukuyama” column, carried forward from American Purpose, at Persuasion.

In this week’s conversation, Yascha Mounk and Francis Fukuyama discuss why Donald Trump is flagging, whether American institutions are resilient enough to survive, and the future of Ukraine.

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