Branko Milanovic — Shadows and lights of globalization

To think correctly about globalization one needs to think of it in historical context. This means seeing today’s globalization and its effects, positive and negative, as in many ways a mirror-replay of the first globalization that took place from the mid-19th century to the First World War....

That globalization was grounded in imperialism and colonialism.  WWI was the culmination of this, and the aftermath was its dénouement. That led to the rise of neo-imperialism and neo-colonialism.

After the provocative lede, Branko Milanovic goes on to discuss economic aspect of this cycle, but he fails to note that together with the rise of Asia now taking place, the Western elite led by the US that has been favored for centuries is seeking to stymie the rate of that growth in order to maintain its dominant position. This is creating not only economic tension but also potential military confrontation as a new Cold War heats up, ostensibly against Russia but in reality to contain the rise of China as the "central realm" historically.

Global Inequality
Shadows and lights of globalization
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace