The Great Global Transformation

In The Great Global Transformation, economist Branko Milanovic explores the profound shifts occurring in the world’s two leading economic powers, the United States and China, as they experience contrasting social and political changes amid retreating globalism. Drawing on original research, he examines how these developments are reshaping global income distribution, fueling nationalism, and forging a new multipolar world order. Milanovic highlights the emerging era of “national market liberalism,” where liberal economic policies persist domestically, but social and political dynamics diverge, setting the stage for significant future challenges and transformations.