Branko Milanovic is Visiting Presidential Professor and Core Faculty at the Stone Center on Socio-Economic Inequality at the Graduate Center, City University of New York. He was formerly Lead Economist in the World Bank's research department. His books include Global Inequality (Harvard) and The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality.
A brilliant sequel to the pathbreaking Global Inequality. Drawing
on original research and a typically wide sweep of history, Branko
Milanovic poses all the important questions about our future.
*Gordon Brown, former Prime Minister of the United Kingdom*
Branko Milanovic, a master economic statistician, here divides
modern capitalism broadly into two versions: the ‘liberal’ one
found in the West, and the ‘political’ one that has emerged in
China. In this searching and richly argued work he weighs the
choices we face and discusses whether the future may lie with one
version, alone.
*James K. Galbraith, author of The End of Normal*
Leaves little doubt that the social contract no longer holds.
Whether you live in Beijing or New York, the time for renegotiation
is approaching.
*Financial Times*
Countries with larger tax cuts experienced bigger increases in
inequality… [The consequences] are richly detailed in Capitalism,
Alone… Builds on Milanovic’s previous book, Global Inequality…
Ideally the two should be read together… [Milanovic] belongs to a
new generation of data-driven economists who have helped track what
has happened to income distribution in recent years.
*New Yorker*
Milanovic outlines a taxonomy of capitalisms and traces their
evolution from classical capitalism before 1914, through the
social-democratic capitalism of the mid-20th century, to ‘liberal
meritocratic capitalism’ in much of the rich world, in particular
America. He contrasts this with the ‘political capitalism’ found in
many emerging countries, with China as the exemplar. These two
capitalistic forms now dominate the global landscape. Their
co-evolution will shape world history for decades to come.
*The Economist*
Few economists can compete with [Milanovic’s] stunning erudition,
or with his skill in weaving together seemingly disparate figures
with complex philosophical ideas to produce a coherent thesis that
feels highly relevant to our troubled times. Capitalism, Alone is
one of the most ambitious economics books published this year, in
terms of its breadth and scope, and definitely one of the most
fascinating.
*ProMarket*
The book is erudite, illuminating…Milanovic is well credentialed to
take on this large and daunting subject…Scholarly and festooned
with data, but also narrative in style and engaging to
read…Milanovic chronicles the rise of authoritarian capitalism,
both in nations that once epitomized liberal capitalism such as the
U.S. and in countries like China, which are partly capitalist but
show no signs of turning liberal…As a virtuoso economist, Milanovic
is superb when he is compiling and assessing data.
*New York Review of Books*
A remarkable book, possibly the author’s most comprehensive opus so
far…I highly recommend Capitalism, Alone to all readers and
scholars interested in challenging their understanding of the
(supposed) sole socio-economic system we live in.
*LSE Review of Books*
An extraordinarily valuable book for anyone who wants to gain an
understanding of current topics in economic research and their
bearing on policy debates.
*Commonweal*
May turn out to be a seminal work on the fin de siècle de
capitalisme…His conclusions and concepts, make extraordinary
contributions to considerations of the state of capitalism.
*Business Day*
A scholar of inequality warns that while capitalism may have seen
off rival economic systems, the survival of liberal democracies is
anything but assured. The amoral pursuit of profit in more liberal
capitalist societies has eroded the ethical norms that help sustain
openness and democracy, he argues; now that tendency threatens to
push such places in the direction of more authoritarian capitalist
societies, such as China.
*The Economist*
This fascinating book offers a big-picture view of economic and
social history over the past two centuries…But Milanovic is not
confident that a more equal capitalism will emerge.
*Foreign Affairs*
An ambitious and provocative examination of the present and the
future of capitalism. It is a valuable, data-rich, and thoughtful
addition to several recent books examining the challenges facing
this economic system…Milanovic says that while capitalism cannot be
replaced—at least in the foreseeable future—it can be improved.
*Finance & Development*
Attempts to make sense of the new world order and what could come
of it. For that, it deserves to be read…An interesting and
important read about the state of capitalism today and the
directions it may take in the future. Milanovic’s history of
focusing on economic data—rather than simplistic theory—and his
healthy skepticism of meritocratic capitalism ensure that
Capitalism, Alone will inform and provoke readers.
*New York Journal of Books*
Capitalism, Alone is an excellent work that covers a broad swath of
the history of modern capitalism.
*Edward Wolff, author of A Century of Wealth in America*
Milanovic has written what may be his most ambitious book yet.
Featuring his trademark clarity and erudition, Capitalism, Alone
contains wide-ranging and thoughtful insights into the nature of
capitalism as it is currently structured and considers how it will
evolve in the coming century.
*Arjun Jayadev, Azim Premji University*
Branko Milanovic, the master narrator of global equality, brings an
entirely new perspective to the topic in this remarkably astute
book. By tracing the deep and evolving ideological foundations of
capitalism and communism and analyzing the rise of Asia and
particularly China, he contributes thought-provoking insights on
the critical role of institutions and ideology for the long-term
prospects of global economies.
*Debin Ma, London School of Economics and Political Science*
When politicians, pundits, and academics speak of a growing
competition, or even a New Cold War, between the United States and
China, one thing that is not asked enough is what is being competed
for. Likewise, when we speak of an ‘American’ or ‘Western’ model,
in contrast to a ‘Chinese’ one, it is worth asking what or who
exactly is being modeled, and to what end. One of the virtues of
Branko Milanović’s new book, Capitalism, Alone, is that it
addresses these questions head-on and with useful insights and
results.
*American Interest*
Milanovic gives an impressive amount of space and effort in his
book to provide a thorough analysis of the role of corruption in
globalization…What I have always most valued about Branko Milanovic
is his willingness to follow his intuition to open up new aspects
of the political discussion. I may not agree with him on some
issues, but I always come away greatly enriched by the
experience.
*Brave New Europe*
A data-rich, provocative account of where capitalism is today and
where it may be headed.
*Quillette*
A gift to those of us grappling with economic and political
inequality, as we seek ways to promote a fairer and more
productive, sustainable society.
*Trades Union Congress (TUC) blog*
[The] first three chapters are brilliant, original and make for
gripping reading…Relish the erudition and panache.
*From Poverty to Power*
An excellent new book on the past, present, and future of economic
systems.
*Dawn*
Milanovic writes as a good teacher, telling us what is coming,
sharing the content, and then reminding us what we just learned. He
takes the reader on diverting side journeys into the history of
communism, the implausibility of a universal basic income, and even
a brief summary from first principles of the past development and
possible trajectories of Western liberal capitalism. The effect can
be both exhilarating and overwhelming…Capitalism, Alone is a book
to scribble questions all over, and then read again.
*Inside Story*
Milanovic’s method is eclectic and empirical, informed by Marxist
concepts but not limited to them.
*Jacobin*
Milanovic’s greatest contributions in Capitalism, Alone come from
his fresh approach to the history of different capitalist
countries. His taxonomy of Western countries evolving from
classical, social-democratic, and now liberal-meritocratic
capitalism helps us put the current state of affairs into better
context and think about the ways policy can and cannot improve the
system…His analysis of the forces and magnitudes of different kinds
of inequality give a more nuanced story than is often found in
public discussions.
*Liberal Currents*
The conceptions of political and liberal meritocratic capitalism
prove to be both novel and compelling…Milanovic’s proposition is
valuable as framework for understanding the future of political
capitalism, within China and beyond.
*Journal of East Asian Studies*
A readable and thought-provoking book, providing a concise
introduction to some of the most important issues of our time.
*Society*
[Milanovic] brings readers broader perspectives than most western
economists.
*Financial Times*
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