Capitalism with a Nationalist Face: What Comes after Neoliberalism

What comes after neoliberalism? According to Branko Milanovic, the World Bank’s former lead research economist, it’s capitalism with a nationalist face. In his new book, The Great Global Transformation, Milanovic argues that globalization of the neoliberal age has been replaced by state-centric Chinese and American capitalism. Greed still drives these twin models, he argues, but they are dominated by what he calls “homoploutia” - a new elite economic class rich in both capital and labor income. Marx’s 19th century bourgeoisie, then, has metastasized into Milanovic’s 21st century homoploutia. So who are the 21st century version of the proletariat? What humans (or machines) now have nothing to lose but their chains?

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