Has liberalism become a victim of its own success? In his talk, Ivan Krastev gives some insights into the forthcoming book he co-authored with Stephen Holmes: "The Light that Failed: How the West Won the Cold War and Lost the Peace". The keynote lecture was part of the ZOiS Conference 2019 "30 Years since 1989: The Legacies of Post-Socialism", held on 14 June 2019 in Berlin.