Branko Milanovic
@brankomilan.bsky.social
1) Income inequality; 2) Politics; 3) History; 4) Soccer.
Author of "Global inequality" and "Capitalism, Alone" (2019).
Stone Center, CUNY; LSE, London
Author of "Global inequality" and "Capitalism, Alone" (2019).
Stone Center, CUNY; LSE, London
Continuing w/ my film reviews.
I cannot say enough how much I enjoyed "Nouvelle Vague" by Richard Linklater. Like Godard's original movie, it breaks all conventions, is difficult to classify anywhere, but you love it.
I cannot say enough how much I enjoyed "Nouvelle Vague" by Richard Linklater. Like Godard's original movie, it breaks all conventions, is difficult to classify anywhere, but you love it.
November 4, 2025 at 3:55 AM
Continuing w/ my film reviews.
I cannot say enough how much I enjoyed "Nouvelle Vague" by Richard Linklater. Like Godard's original movie, it breaks all conventions, is difficult to classify anywhere, but you love it.
I cannot say enough how much I enjoyed "Nouvelle Vague" by Richard Linklater. Like Godard's original movie, it breaks all conventions, is difficult to classify anywhere, but you love it.
I liked the most the chapters on Hobson, Luxemburg/Lenin, Polanyi, Kondratiev and Keynes. What was written then (~100y ago) seems closer to the present-day than many things people write now.
November 2, 2025 at 11:42 PM
I liked the most the chapters on Hobson, Luxemburg/Lenin, Polanyi, Kondratiev and Keynes. What was written then (~100y ago) seems closer to the present-day than many things people write now.
US median income person is at the 92nd global income percentile, far above the global mean or median.
Indian data are consumption-based; with incomes the upper portions of both India's distributions would be more highly placed.
Indian data are consumption-based; with incomes the upper portions of both India's distributions would be more highly placed.
September 6, 2025 at 11:51 PM
US median income person is at the 92nd global income percentile, far above the global mean or median.
Indian data are consumption-based; with incomes the upper portions of both India's distributions would be more highly placed.
Indian data are consumption-based; with incomes the upper portions of both India's distributions would be more highly placed.
Here is the graph for 2023. But note that with better representation of Africa, most of these lines would shift upwards (with the exceptions of the very low parts of distributions in Brazil, rural China and rural India). Urban China is sign. ahead of Brazil except at the very top.
September 6, 2025 at 11:35 PM
Here is the graph for 2023. But note that with better representation of Africa, most of these lines would shift upwards (with the exceptions of the very low parts of distributions in Brazil, rural China and rural India). Urban China is sign. ahead of Brazil except at the very top.
I sent him these income estimates, expressed as multiples of subsistence, that we have from social tables. Roman Empire at the Principate was 2x as rich as China. Iraq around 900 was similar to the Roman Empire in 14, English reached the Roman level around 1300 & the big leap was in Northern Italy.
August 31, 2025 at 4:00 PM
I sent him these income estimates, expressed as multiples of subsistence, that we have from social tables. Roman Empire at the Principate was 2x as rich as China. Iraq around 900 was similar to the Roman Empire in 14, English reached the Roman level around 1300 & the big leap was in Northern Italy.
There are many interesting things about homoploutia that didn't fit into my articles or recent Substacks. Consider this. If you are in the top decile of wage-earners your probability to be among the top capitalists is 30%.
July 30, 2025 at 8:20 PM
There are many interesting things about homoploutia that didn't fit into my articles or recent Substacks. Consider this. If you are in the top decile of wage-earners your probability to be among the top capitalists is 30%.
My today's Substack:
New Capitalism in America
Richest capitalists and richest workers are increasingly the same people
branko2f7.substack.com/p/new-capita...
New Capitalism in America
Richest capitalists and richest workers are increasingly the same people
branko2f7.substack.com/p/new-capita...
July 24, 2025 at 4:22 PM
My today's Substack:
New Capitalism in America
Richest capitalists and richest workers are increasingly the same people
branko2f7.substack.com/p/new-capita...
New Capitalism in America
Richest capitalists and richest workers are increasingly the same people
branko2f7.substack.com/p/new-capita...
Delighted and honored that my "Visions of Inequality" was awarded 2025 Joseph Spengler award for the best book in history of economics by Economic History Society. Award received yesterday in Richmond, Virginia. (Photos to follow soon, hopefully.)
June 30, 2025 at 2:17 PM
Delighted and honored that my "Visions of Inequality" was awarded 2025 Joseph Spengler award for the best book in history of economics by Economic History Society. Award received yesterday in Richmond, Virginia. (Photos to follow soon, hopefully.)
New @lisdata.bsky.social include for the first time micro data on income distribución in Bulgaria. Somewhat surprisingly, they show very high recent inequality, with a Gini around 40 which is the highest inequality in Europe, similar to the Ginis in the US and Israel. For comparison, Poland.
June 20, 2025 at 8:49 PM
New @lisdata.bsky.social include for the first time micro data on income distribución in Bulgaria. Somewhat surprisingly, they show very high recent inequality, with a Gini around 40 which is the highest inequality in Europe, similar to the Ginis in the US and Israel. For comparison, Poland.
As I mentioned, Israel has had an extraordinary fast increase in inequality, exceeding around 2010s even inequality in the US (Israel's Gini of 43 which is close to Latin American levels). Inequality has since gone down to Gini of 38 which is still a very high number.
June 20, 2025 at 8:48 PM
As I mentioned, Israel has had an extraordinary fast increase in inequality, exceeding around 2010s even inequality in the US (Israel's Gini of 43 which is close to Latin American levels). Inequality has since gone down to Gini of 38 which is still a very high number.
crucial importance of economic growth
support for globalization: free movement of factors of production, goods and services
moderate inequality
economic/technological control of climate change
no wars of aggression.
www.ft.com/content/5340...
support for globalization: free movement of factors of production, goods and services
moderate inequality
economic/technological control of climate change
no wars of aggression.
www.ft.com/content/5340...
June 18, 2025 at 4:22 AM
crucial importance of economic growth
support for globalization: free movement of factors of production, goods and services
moderate inequality
economic/technological control of climate change
no wars of aggression.
www.ft.com/content/5340...
support for globalization: free movement of factors of production, goods and services
moderate inequality
economic/technological control of climate change
no wars of aggression.
www.ft.com/content/5340...
My rather critical review of Nat Dyer's "Ricardo's Dream"
Too much or not enough of Ricardo?
For those not bored enough to read the review, I attached a slight summary of where our differences come from
branko2f7.substack.com/p/too-much-o...
Too much or not enough of Ricardo?
For those not bored enough to read the review, I attached a slight summary of where our differences come from
branko2f7.substack.com/p/too-much-o...
June 15, 2025 at 3:22 PM
My rather critical review of Nat Dyer's "Ricardo's Dream"
Too much or not enough of Ricardo?
For those not bored enough to read the review, I attached a slight summary of where our differences come from
branko2f7.substack.com/p/too-much-o...
Too much or not enough of Ricardo?
For those not bored enough to read the review, I attached a slight summary of where our differences come from
branko2f7.substack.com/p/too-much-o...
Under socialism (1952-90), the position of all poorer republics deteriorated while the relative positions of Slovenia, Croatia and Serbia remained the same. With independence & capitalism all poorer republics/province (except Macedonia) improved their relative position.
June 12, 2025 at 2:57 PM
Under socialism (1952-90), the position of all poorer republics deteriorated while the relative positions of Slovenia, Croatia and Serbia remained the same. With independence & capitalism all poorer republics/province (except Macedonia) improved their relative position.
Schumpeter--for some fresh air.
June 10, 2025 at 4:29 AM
Schumpeter--for some fresh air.
Percentage of CPC members in the top of China's urban distribution was higher in 1988 than in 2013 and in both cases, the percentage tends to decrease as one moves from top 10% to top 5% to top 1%. (CHIP/@lisdata)
May 16, 2025 at 10:52 AM
Percentage of CPC members in the top of China's urban distribution was higher in 1988 than in 2013 and in both cases, the percentage tends to decrease as one moves from top 10% to top 5% to top 1%. (CHIP/@lisdata)
Algeria's distribution data are notoriously difficult (impossible) to get. Yet in 2008, they published consumption distribution for 2000-01 (sic!). Top decile consumes 10 times more than the bottom. Gini of 34 for consumption probably implies a Gini of over 40 for income, a substantial number.
April 27, 2025 at 10:52 PM
Algeria's distribution data are notoriously difficult (impossible) to get. Yet in 2008, they published consumption distribution for 2000-01 (sic!). Top decile consumes 10 times more than the bottom. Gini of 34 for consumption probably implies a Gini of over 40 for income, a substantial number.
Social structure of the Han China ~150 CE from the new paper by Guido Alfani, Michele Bolla & Walter Scheidel, w/ the top elite (excl. the imperial household) income some 6,500 the country mean, Gini of 46 (almost the same as in today's China) & inequality extraction ratio of 100%.
April 27, 2025 at 10:30 PM
Social structure of the Han China ~150 CE from the new paper by Guido Alfani, Michele Bolla & Walter Scheidel, w/ the top elite (excl. the imperial household) income some 6,500 the country mean, Gini of 46 (almost the same as in today's China) & inequality extraction ratio of 100%.
Some 60 or more percent of households in rich countries have 0 or trivial amount of income from property (financial assets).
April 27, 2025 at 9:14 PM
Some 60 or more percent of households in rich countries have 0 or trivial amount of income from property (financial assets).
Delighted to see tonight in Toronto the first paper copies of my "The world under capitalism". They are available in the UK but not yet in North America (so a person brought them from London!).
April 25, 2025 at 2:40 PM
Delighted to see tonight in Toronto the first paper copies of my "The world under capitalism". They are available in the UK but not yet in North America (so a person brought them from London!).
Sixty years of US inequality as seen from micro surveys. (See @lisdata).
Several things stand out.
Market income (pre-transfer & pre-tax) inequality shows a very steady increase (not a good news).
The increase is more moderate at the disposable (after transfers & taxes) income level.
Several things stand out.
Market income (pre-transfer & pre-tax) inequality shows a very steady increase (not a good news).
The increase is more moderate at the disposable (after transfers & taxes) income level.
April 21, 2025 at 1:41 AM
Sixty years of US inequality as seen from micro surveys. (See @lisdata).
Several things stand out.
Market income (pre-transfer & pre-tax) inequality shows a very steady increase (not a good news).
The increase is more moderate at the disposable (after transfers & taxes) income level.
Several things stand out.
Market income (pre-transfer & pre-tax) inequality shows a very steady increase (not a good news).
The increase is more moderate at the disposable (after transfers & taxes) income level.
How communism reduced inequality in both industrialized Czechoslovakia and agricultural Bulgaria A splendid work by S Nikolic, F Novokmet and P P Larysz.
www.sciencedirect.com/science/arti...
www.sciencedirect.com/science/arti...
April 20, 2025 at 10:39 PM
How communism reduced inequality in both industrialized Czechoslovakia and agricultural Bulgaria A splendid work by S Nikolic, F Novokmet and P P Larysz.
www.sciencedirect.com/science/arti...
www.sciencedirect.com/science/arti...
A reality check.
This is how the distribution of income from financial assets looks like in the US 2022.
59% of households have less than $100 per year per person.
The median is $22 per year (i.e. <$2 per month).
The top 1% has an average of $122,000 per capita per year.
This is how the distribution of income from financial assets looks like in the US 2022.
59% of households have less than $100 per year per person.
The median is $22 per year (i.e. <$2 per month).
The top 1% has an average of $122,000 per capita per year.
April 14, 2025 at 2:42 AM
A reality check.
This is how the distribution of income from financial assets looks like in the US 2022.
59% of households have less than $100 per year per person.
The median is $22 per year (i.e. <$2 per month).
The top 1% has an average of $122,000 per capita per year.
This is how the distribution of income from financial assets looks like in the US 2022.
59% of households have less than $100 per year per person.
The median is $22 per year (i.e. <$2 per month).
The top 1% has an average of $122,000 per capita per year.
April 10, 2025 at 7:28 AM
How would you drag an American median-income person (who by the way does not feel rich at all) from his 93th global percentile to the global median (50th percentile) or global mean (72nd percentile)?
April 6, 2025 at 9:43 PM
How would you drag an American median-income person (who by the way does not feel rich at all) from his 93th global percentile to the global median (50th percentile) or global mean (72nd percentile)?
Covid's (or rather large govt transfers') effect on inequality in the US and Canada.
LIS data
LIS data
April 6, 2025 at 5:49 PM
Covid's (or rather large govt transfers') effect on inequality in the US and Canada.
LIS data
LIS data