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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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.
Historical Precedents For National Capitalism
- Milanovic cites historical periods of mercantilist national capitalism in Europe and early modern states.
- He references a French historian's "capitalism of finitude" to show recurring zero-sum state competition.
Protectionism Can Spur Growth
- Protectionism has historically coincided with high growth in some cases, like Germany, Russia, and early U.S. industrialization.
- Milanovic treats national protectionist policies as sometimes economically credible rather than always harmful.
