On the Threshold of the Third Globalization: Why Liberal Capitalism Might Fail?

18 Pages Posted: 26 Mar 2001

See all articles by Branko Milanovic

Branko Milanovic

World Bank - Development Research Group (DECRG); University of Maryland

Date Written: December 1999


The paper contrast three periods of globalization: the Roman-led one of the 2nd-4th century, the British-led one of the 19th century, and the current one led the United States. Each of them not only had a hegemon country but was associated with a specific ideology. However, in reaction to the dominant ideology and the effects of globalization (cultural domination, increasing awareness of ecoonomic inequities) an alternative ideology (in the first case, Christianity, in the second, Communism) sprang up. The alternative ideology uses the technological means supplied by the globalizers to subvert or attack the dominant ideological paradigm.

Keywords: Globalization, inequality

JEL Classification: N00

Suggested Citation

Milanovic, Branko, On the Threshold of the Third Globalization: Why Liberal Capitalism Might Fail? (December 1999). Available at SSRN: https://ssrn.com/abstract=262176 or http://dx.doi.org/10.2139/ssrn.262176

Branko Milanovic (Contact Author)

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University of Maryland ( email )

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