Capitalism Alone

Branko Milanović

Capitalism Alone

15min

15min

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The central hypothesis of Capitalism Alone is simple: the world is dominated by a single socio-economic system, capitalism. As a result, we are seeing a redistribution of economic power across both rich and developing countries. It is up to us to ensure that the gap continues to narrow, preventing the world’s southern hemisphere from being reduced to a mere exporter of raw materials. On the domestic front, each country will have to evolve its socio-economic policies towards the development of modern capitalism.

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Analysis and key concepts

01.

The world after the cold war: the ascent of capitalism as a global system

02.

The characteristics of liberal meritocratic capitalism: progressive taxation and distribution of services

03.

The Rise of Asia: Economic Growth and State Capitalism

04.

China: a modern democracy does not equate to a frenzied increase in wealth

05.

Capitalism and globalisation: the movement of capital, migration and relocation

06.

The global value chain: developing countries risk becoming mere exporters

07.

The future of capitalism worldwide: progress is possible

08.

Quotes

09.

Take-home message

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Many useful tips to:

  • Understand how capitalism, the most dominant socio-economic system in the world today, differs in interpretation from country to country.
  • Take a look at the state capitalism model behind China’s increased wealth.
  • Understand what is meant by the global value chain and what risks it entails.

Branko Milanović is a Serbian-American economist, well-known for his studies on income distribution and inequality. He teaches at the universities of London, Barcelona and New York and at Johns Hopkins University as a visiting professor. Author of numerous socio-economic research studies, he is one of the most prominent economists in the Research Department of the World Bank.

Publishing house:

Harvard University Press

Year:

2021

Pages:

304

ISBN:

978-0674260306