Keen On America Capitalism with a Nationalist Face: What Comes after Neoliberalism
Dec 21, 2025
Branko Milanovic, a renowned economist and former World Bank lead researcher, discusses his insights on the shift from neoliberalism to a nationalism-infused capitalism. He introduces the concept of 'homoploutia,' a new elite class that has emerged, blending wealth from both capital and labor. Milanovic argues that economic grievances fuel this rise of nationalism, while comparing the similarities and tensions between U.S. and Chinese capitalist models. He also reflects on the historical context of nationalism and its moral implications for society.
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National Market Liberalism Emerges
- Branko Milanovic calls the new order "national market liberalism": domestic liberal policies paired with mercantilist international relations.
- He predicts the international component of liberalism—free trade and capital mobility—will recede in favor of state-centered competition.
Economic Forces Drive Nationalism
- Milanovic argues the turn to nationalism is primarily economically driven, not just cultural or political.
- He links U.S. discontent and China's elite consolidation to economic grievances fueling nationalist responses.
U.S. And China Partially Converge
- The U.S. and China show converging traits: domestic liberalism combined with nationalist foreign policy.
- Milanovic stresses differences remain, notably China's emphasis on state decision-making autonomy under Xi.