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A review by samle1e
Capitalism, Alone: The Future of the System That Rules the World by Branko Milanović
5.0
This delves into some of the big themes that Milanović discusses on his blog and Twitter feed:
(1) Why has income inequality skyrocketed in recent decades in the U.S.? The U.S. has shifted into what he calls liberal meritocratic capitalism, where those with the most capital also obtain most of the labor income. Increasing inequality follows. The capital-rich can cement their advantages by marrying each other and transmitting privilege to their children through access to education.
(2) Why aren't people as nice anymore? Neoliberalism has commodified interactions that used to be personalized, including child care, elder care, and cooking, thus making people less dependent on family and community. Religion no longer acts as a monitor of morality, so the only limits are legal ones that lawyers and politicians can skirt and meld.
He also explains why he considers China to be capitalist, how communism in Vietnam acted as a transition to capitalism, and why open immigation and social-democratic capitalism cannot coexist.
(1) Why has income inequality skyrocketed in recent decades in the U.S.? The U.S. has shifted into what he calls liberal meritocratic capitalism, where those with the most capital also obtain most of the labor income. Increasing inequality follows. The capital-rich can cement their advantages by marrying each other and transmitting privilege to their children through access to education.
(2) Why aren't people as nice anymore? Neoliberalism has commodified interactions that used to be personalized, including child care, elder care, and cooking, thus making people less dependent on family and community. Religion no longer acts as a monitor of morality, so the only limits are legal ones that lawyers and politicians can skirt and meld.
He also explains why he considers China to be capitalist, how communism in Vietnam acted as a transition to capitalism, and why open immigation and social-democratic capitalism cannot coexist.