Sandbu makes a fundamental error. He thinks liberal, democratic capitalism is what we have had for forty years. It isn’t. We have had anti-democratic financial capitalism that does not seek to make profit from meeting need but does instead seek to do so by exploiting weakness and arbitraging rules to extract rents where none are due. It is this that is rightly under threat, albeit the source of the threat is to be deeply regretted.
That’s the system which has just delivered, in these past 40 years, the greatest reduction in absolute poverty in the history of our species.
I dunno about you but I consider that a success for a socio-economic system.