Diminishing Returns.

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    • Abstract:
      Indeed, although Milanovic purports to be analyzing the two major strains of capitalism today, Capitalism, Alone is best understood as a book about two countries: the United States and China. Today's liberal capitalism, Milanovic argues, must be distinguished from two earlier strains of capitalism: the "classical" capitalism of the 19th and early 20th centuries and the "social democratic" capitalism of the mid-20th century. Milanovic's account of capitalism today is most useful in gesturing toward a comparative analysis of capitalisms, detached from the liberal teleology of the past three decades. A few pages before the book's abrupt end, Milanovic does offer a few suggestions as to how this world can be made more tolerable, commerce more doux - at least in liberal capitalist societies, which might yet evolve into a "people's capitalism" or an "egalitarian capitalism.". [Extracted from the article]
    • Abstract:
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