The Economics Show Did globalisation kill neoliberalism? With Branko Milanović
34 snips
Nov 21, 2025 
Branko Milanović, a senior scholar specializing in socioeconomic inequality, dives into the complexities of today's global economy. He discusses how neoliberalism is in retreat and explores the implications of rising powers like China. Milanović explains the 'elephant chart' and its significance during the rise of populism. He also addresses the shifting economic divide and the emergence of new elites, alongside the potential backlash against them, while pondering the future of domestic policies in response to global changes.
AI Snips
Chapters
Books
Transcript
Episode notes
The Elephant Chart Explained
- The elephant chart showed Chinese middle class and the global top 1% gained most from 1988–2008 while many rich-country middle incomes stagnated.
- That distributional shock helps explain the political backlash and rise of populism in Western countries.
From Unipolar Globalism To Multipolarity
- Milanovic argues differences between countries now matter more than superficial similarities despite shared capitalism.
- We moved from a unipolar, pro-globalization era to a multipolar world where ideology and power are contested.
Rise Of The Dual-Income Elite
- A new elite combines top capital income and top labour income, creating a class both wealthy in assets and high-paid skills.
- Milanovic calls this merged phenomenon homo-ploutia and sees it most clearly in rich countries like the US.
