Ex-World Bank Insider on the Declining West & New World Order | Aaron Bastani Meets Branko Milanovic

Sign up for the launch of our new Downstream Newsletter here: https://novaramedia.com/newsletters/t... At Novara, we focus on the trends that are remaking the world and affecting our lives: technological development and automation, multipolarity, the demise of an American-led world order and the rise of China. On Downstream this week is a man whose work draws together all of these themes: former World Bank macroeconomist and leading expert on global inequality, Professor Branko Milanovic. In conversation with Aaron Bastani, Branko answers all of Aaron’s burning questions about modern economic history and where things are heading. How significant is the rise of Asia today, compared to the seismic historic shift of the Industrial Revolution in the 18th century? What was the cause of World War I, and why don’t mainstream accounts understand the real roots of it? Who are the new elite, and why is it so hard to break their hold on wealth? And how likely is a conflict between China and the USA? 00:00 Intro 02:41 Why Did the USSR Collapse but China Thrive? 09:12 China Under Deng Xiaoping 13:14 Russia’s Decision To Collectivise Agriculture 17:23 The Changing Global Economic Order: Asia Rising 24:11 A Shift as Disruptive as the Industrial Revolution 30:18 GDP or PPP, China or America? 37:08 Is Social Mobility Dead? 40:07 The New Elite 45:37 High Concentrations of Wealth Cause Economic Crashes 50:23 Should We Tax Wealth More? 55:46 The Political West & US Empire 1:04:01 Are We Moving to a Multipolar World? 1:10:03 Capitalism, Imperialism, and War 1:16:53 Reclaiming Adam Smith 1:22:05 Will There Be Conflict Between the West and China? Support our work: http://novara.media/support Buy Novara Media merch: https://shop.novaramedia.com/