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Capitalism, Alone


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About the Author

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.


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.-- (12/30/2019)
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.-- (11/15/2019)
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.--Liaquat Ahamed"New Yorker" (09/02/2019)
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.-- (12/20/2019)
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.-- (01/07/2020)
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 Milanovic's new book, Capitalism, Alone, is that it addresses these questions head-on and with useful insights and results.-- (11/18/2019)
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
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
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.--Roberto Iacono"LSE Review of Books" (11/11/2019)
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
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

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