In his new book, The Great Global Transformation, Branko Milanović, one of the world’s leading scholars of economic inequality, examines both the causes and the implications of the transition from a world economic order defined by neoliberal globalization to one in which nationalism and geoeconomic conflict are taking center stage.

Globalization generated massive wealth creation in the aggregate, but also contributed to the greatest reshuffling of global income distribution since the Industrial Revolution and to China’s ascendance to peer economic status with the U.S. These trends helped lead to a rejection of the “Washington Consensus” on open global trade within the U.S. itself and a turn to populism across advanced nations. As a witness to this process from the inside, renowned economist Branko Milanovic analyzes these seismic changes and describes the new “National Market Liberalism” that he predicts will succeed neoliberal globalization.