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The cover of The World Under Capitalism

The World Under Capitalism

Branko Milanovic, 2025

Capitalism now rules the whole world. In short, pointed essays, Milanovic asks what that means for global inequality, migration, climate, China, and the legacy of Smith and Marx.

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6 parts, about 26 minutes to read.

Why read it

  • Short essays arguing that capitalism now rules the whole world, and asking what that means for inequality, migration and climate
  • Helps you think about inequality across countries, not only within them, and see how birthplace shapes income
  • Ranges from China's political capitalism and Russia's stagnation to what classic economists and a novel reveal about inequality

Who it is for

  • Readers who want economics in brief, provocative essays
  • Students of global inequality and development
  • People skeptical of degrowth or easy climate fixes

What the summary covers

  1. Preface1 min
  2. Part I: The world under capitalism7 min
  3. Part II: Inequality6 min
  4. Part III: Globalization and a multi polar world4 min
  5. Part IV: History6 min
  6. Part V: Reflections2 min

Recommended by

  • Martin WolfChief economics commentator at the Financial Times
    Milanovic is a renowned expert on global economic inequality.

About the author

  • Branko MilanovicEconomist and research professor at the CUNY Graduate Center
    • Born in Belgrade, Yugoslavia, in 1953
    • PhD at the University of Belgrade in 1987, on economic inequality in Yugoslavia
    • Won the 2018 Leontief Prize together with Mariana Mazzucato
    • Received a Doctor Honoris Causa from the University of Geneva in October 2025

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