The Great Global Transformation: National Market Liberalism in a Multipolar World

A Financial Times Book of the Year Global neoliberalism is on its last legs, while a new international economic order is taking hold. Trade blocs, tariff wars, economic sanctions, and national champions are in; nationalism, anti-immigration movements and the far-right are on the rise. Liberalism is being rejected by the civic realm, as the status quo of the past fifty years crumbles. What remains in its wake? Drawing on original research, leading economist Branko Milanovic reveals the seismic shifts that are shaping our world. He details the facts: how the rising economic power of Asia is creating a new global ‘middle class’ in the greatest reshuffle of incomes since the Industrial Revolution. He explores our fears: why are we becoming increasingly unhappy, when the world is becoming richer and more equal? And he shows us the fight ahead: as plutocracy returns, global war threatens, and a new system silently shapes our nations, driving malcontent to breaking point. In The Great Global Transformation, Milanovic provides an invaluable guide to the new 21st century. The Great Global Transformation by Branko Milanovic examines the decline of global neoliberalism and the emergence of a new international economic order. The work analyzes shifts in trade blocs, tariff wars, economic sanctions, and the rise of national champions alongside growing nationalism, anti-immigration movements, and far-right political trends. Constructed from economic data, policy analysis, and historical trends, the book centers on the structural changes reshaping global economics and politics. It highlights the stakes of these transformations, emphasizing their impact on inequality, social stability, and the future of liberal democracy.