The Great Global Transformation

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Brought to you by Penguin.

A world-leading economist guides us through the ruins of the current world order: where do we go next?

Global neoliberalism is on its last legs, while a new international economic order is taking hold. Trade blocs, tariff wars, economic sanctions, and national champions are in; nationalism, anti-immigration movements and the far-right are on the rise. Liberalism is being rejected by the civic realm, as the status quo of the past fifty years crumbles. What will take its place?

Drawing on original research, leading economist Branko Milanovic reveals the seismic shifts that are shaping our world. He details the facts: how the rising economic power of Asia is creating a new global ‘middle class’ in the greatest reshuffle of incomes since the Industrial Revolution. He explores our fears: why are we becoming increasingly unhappy, when the world is becoming richer and more equal? And he shows us the fight ahead: as plutocracy returns, global war threatens, and a new system silently shapes our nations, driving malcontent to breaking point. In The Great Global Transformation, Milanovic provides an invaluable guide to the new 21st century.

© Branko Milanovic 2025 (P) Penguin Audio 2025

Critics Review

Milanovic has a gift of illuminating the world in both the grand context and empirical detail... expertly marrying political theory, political economy and economic history
New Statesman
Intriguing and original
Financial Times
Milanovic is not just a leading economist of our time; his intellectual horizons and learning are extraordinary
Irish Times
Milanovic’s analysis is enriched by important insights from history and sociology... the book is based on diligent work on empirical data, and produces a strong socio-economic analysis of the Chinese and Western elite
LSE Review of Books
A penetrating analysis from the world’s foremost authority on economic inequality
Peter Turchin
No one describes better and quantifies with such precision the global transformations now underway than Branko Milanovic. This is a must read for anyone concerned about the future of the world order
Gordon Brown
Profound... Simultaneously panoramic and telescopic, there is no better account of how we have got to where we are, and no clearer-eyed analysis of where we might go next
Daniel Markovits
Branko Milanovic is a singularly fearless, incisive, and panoramic thinker. The Great Global Transformation is a path-breaking analysis of how Asia's rise has shattered the neoliberal world order and what might come next
Daniel Chandler
Yet another fascinating book by the prolific Branko Milanovic
Grace Blakeley
More than anyone alive, Branko Milanovic was likely to propound a grand theory of our perplexing global moment, rooted in data and facts. With brilliance, panache, and reliability, he has done it in this stellar book
Samuel Moyn

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