Branko Milanovic - Capitalism, Alone: Systemic Forces of Inequality Increase

This lecture was recorded on 21 November 2023 at the University of Cambridge.

Branko Milanovic served as lead economist in the World Bank’s Research Department for almost 20 years, leaving to write his book on global income inequality, Worlds Apart (2005). He was a visiting scholar at All Souls College in Oxford, and Universidad Carlos III in Madrid (2010-11). Today's talk is based on his recent book 'Capitalism, Alone', and will discuss systemic inequalities in liberal capitalist societies with a special emphasis on the phenomenon of homoploutia, that is, of high incomes from both labor and capital received by the same persons. Homoploutia is one of the key defining characteristics of modern capitalism, distinguishing it from its classical version. It is a desirable development because it reduces class-based distinctions, but also encourages the formation of an elite that is more stable (thanks to its diversification of assets, including skills) and able to transfer these advantages across generations.

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