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Against widespread perceptions, the authors argue that democracy has proven remarkably resilient in the twenty-first century. Fears of a “reverse wave” or a global “authoritarian resurgence” have yet to be borne out. The vast majority of “third wave” democracies—those that adopted democratic institutions between 1975 and 2000—have long outlived the favorable global conditions that enabled their creation. The authors attribute the resilience of third-wave democracies after the demise of the liberal West’s post–Cold War hegemony to economic development and urbanization, and also to the difficulty of consolidating and sustaining an emergent authoritarian regime under competitive political conditions.