Branko Milanovic on What Comes After Globalization

Branko Milanovic on What Comes After Globalization – Odd Lots

Market views

Bullish

CHINA— China has achieved unprecedented economic growth and technological advancement, becoming a major global power with advanced AI capabilities and manufacturing efficiency that rivals the US, despite starting from a much lower base.

Bearish

EUROPE— Europe faces structural challenges with contradictory policies - cutting off cheap Russian energy while needing it for growth, and blocking immigration despite population decline. These self-imposed constraints undermine competitiveness.
GLOBALIZATION— The neoliberal globalization order that dominated from the 1990s is expiring, being replaced by national market liberalism with mercantilist policies and zero-sum competition. The ideological consensus supporting free trade has collapsed.

Not investment advice.