A provocative account of capitalism's rise to global dominance and,
as different models of capitalism vie for world leadership, a look
into what the future may hold. We are all capitalists now. For the
first time in human history, the globe is dominated by one economic
system. In Capitalism, Alone, leading economist Branko Milanovic
explains the reasons for this decisive historical shift since the
days of feudalism and, later, communism. Surveying the varieties of
capitalism, he asks: What are the prospects for a fairer world now
that capitalism is the only game in town? His conclusions are
sobering, but not fatalistic. Capitalism gets much wrong, but also
much right-and it is not going anywhere. Our task is to improve it.
Milanovic argues that capitalism has triumphed because it works. It
delivers prosperity and gratifies human desires for autonomy. But
it comes with a moral price, pushing us to treat material success
as the ultimate goal. And it offers no guarantee of stability. In
the West, liberal capitalism creaks under the strains of inequality
and capitalist excess. That model now fights for hearts and minds
with political capitalism, exemplified by China, which many claim
is more efficient, but which is more vulnerable to corruption and,
when growth is slow, social unrest. As for the economic problems of
the Global South, Milanovic offers a creative, if controversial,
plan for large-scale migration. Looking to the future, he dismisses
prophets who proclaim some single outcome to be inevitable, whether
worldwide prosperity or robot-driven mass unemployment. Capitalism
is a risky system. But it is a human system. Our choices, and how
clearly we see them, will determine how it serves us.
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