The Great Global Transformation | The United States, China, and the reshaping of the global economic order

“The Great Global Transformation”: Features of the New Economic Order in the Great Power Conflict From the most prominent historian of the paths of the global economy, we get an analytical portrait of the great powers as they go through a critical transitional phase. The world today stands before a contradictory scene; The two largest economic powers are moving in opposite directions. In the United States, decades of “neoliberal” policies have created a limited class of wealthy elites, while crushing and undermining the middle class. In China, the same global forces have created a new and massive upper class. The result is the “largest reshuffling” of global incomes since the Industrial Revolution; It is a dramatic shake-up that reshaped the political system in both countries. As the two powers begin to decline and separate from each other, the implications for their future and for the global economy as a whole remain fraught with uncertainty. In his new book, "**The Great Global Shift**," respected economist Branko Milanovic draws on his original research to chart a roadmap for how these seismic shifts will shape the next century of the global economy. As the United States and China embrace the walls of "trade protectionism," Milanovic reveals the contours of a new multipolar world order taking shape on the horizon, showing how rising nationalism will have very different impacts on both countries. It also highlights the impending conflict; As "plutocracy" (the rule of the wealthy) returns to the fore, and the harbingers of a world war loom on the horizon, while a new order is silently forming to reshape nations, pushing popular "nationalist" discontent to the brink of explosion. This book is the legitimate successor to his previous book, Capitalism, Alone, and other landmark works. In it, Milanovic announces the emergence of a new era, which he calls “national market liberalism.” It is an era in which liberalism survives within the local economy, but it does not necessarily survive in the social arena. The Great Global Transformation is the indispensable novel for understanding the travails of the twenty-first century in which we now live.