To meet an ever-growing questioning of capitalism since the crisis of 2007-08, the system’s defenders look to theoretically justify its continued rule. The latest effort, by the renowned former World Bank economist Branko Milanović, which claims that capitalism is now unchallenged for the first time in history, is reviewed by PETER TAAFFE.
Capitalism, Alone: The Future of the System That Rules the World
By Branko Milanović
Published by Belknap Press, 2019, £23-95
Like the majority of capitalist economists, the author of this book hails what he proclaims is the ‘victory’ of capitalism over ‘socialism’ and ‘communism’. However, Branko Milanović goes further than his predecessors by seeking to argue that the only choice on offer for mankind now is between so-called ‘liberal capitalism’ exemplified by the US, Western Europe and most of the rest of the world, and what he describes as ‘political capitalism’, for which China and Vietnam are the authoritarian models.
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