For the first time in human history the world is dominated by one economic system and that is Capitalism. We all are capitalist now whether we realize it or not.
Branko Milanovic in his book “Capitalism Alone” examines the historical shifts that have led to capitalism’s dominance and highlights the varieties of capitalism at work today to propose choices to ensure that capitalism delivers a more equitable future. He provides a novel paradigm within which analysis of distributional issues in different economies and social systems can be placed.
Milanovic categories ideal-typical social and economic systems as Liberal Meritocratic Capitalism representing the typology of capitalism embraced by the core economies of the West, with the US being its most paradigmatic example and Political Capitalism representing China where the autocratic and technocratic bureaucracy in power has the duty of delivering high economic growth .