Ep. 372: Branko Milanović on China's Rise, the Shift to National Market Liberalism, and Inequality

Global economic systems are undergoing a profound transition from neoliberal globalization toward a model of "national market liberalism," characterized by domestic deregulation and mercantilist competition. This shift is driven by the geopolitical and economic rise of China, which has disrupted Western hegemony and forced a realignment of global power. A central development in this era is the emergence of "homoplutia"—an elite class that simultaneously dominates both capital and labor income, challenging traditional Marxist distinctions between owners and workers. While the 2008 financial crisis and subsequent political shocks signaled the decline of the neoliberal order, the current environment remains defined by intense competition for resources and a retreat from the cosmopolitan ideals of free trade. These structural changes, coupled with high inequality and limited social mobility, are fueling widespread anxiety among younger generations, who face an increasingly exclusionary meritocratic system.