Branko Milanovic

Branko Milanovic


1) Income inequality; 2) Politics; 3) History; 4) Soccer. Author of "Global inequality" and "Capitalism, Alone" (2019). Stone Center, CUNY; LSE, London

140642 followers  •  1084 follow  •    •   https://stonecenter.gc.cuny.edu/people/milanovic-branko/

Twitter has really gone nuts. I wanted to retweet my piece from China Daily. Three times it stops me from retweeting by telling me it is from a "state-affiliated media". Of course, not all"state-affiliated" media get the same treatment. Let alone "billionaire-affiliated media".

Writing similar nonsensical things about the Russia of the 1990s is like writing about the 1929-33 Germany: "These were somewhat chaotic but beautiful years of democracy filled by marches of various political parties.

It seems that these "investigative reports" on Putin wealth never bothered to ask themselves an elementary question, why would Putin need that wealth--and especially now? Is he planning to retire to Cote d'Azur?

First IMF report issued after the nuclear war

CERGE-EI excellent conference on 30 years of transition, now online; panel with @fukuyama , Jeff Sachs, @DeirdreMcClosk , @bill_easterly , Angus Deaton, @paulkrugman  and @BrankoMilan .

Spent most of the day reading Amartya Sen's memoirs. Just brilliant. Am not a huge fan of his writing style (in economics): I find it unnecessarily complex. But his writing here is excellent and his life story never boring.

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Russian frozen assets (state and private) are probably over $1/2 trillion, and possibly ~$600-700 billion. Now, a fair guess is that money will never be seen by Russia again, no more than Iranian money was seen. It represents a coerced transfer of wealth of unheard of proportions

Many policies that 20y ago were thought great (and the World Bank promoted them all) are now seen as failures: 1. Complex financial instruments 2. Student loans 3. Private pensions 4. Fast privatization 5. Privatization of infrastructure & water 6. Cutting basic food subsidies

People have died for many reasons: nations, religions and ideologies. But it is indeed a new thing to die for Dow Jones. It is fully post-modern. To die for rich people's *perceptions* about the future summarized in one abstract number.

"Poland's leader says if 'no' side wins, Greece must leave eurozone". This from PM of a country which in 1991 got 60% of its debt forgiven.

Probably less than 1% of people in the world own shares, but 2/3 of Nobel Prize winners in econ are about stock market behavior.

Chile is such an extravagant case of inequality that even back-of-the-envelope calculations suffice. Current measures proposed by the govt to diffuse social tensions are estimated to cost 0.4% of GDP. Chilean billionaires wealth is 25% of GDP.

Eventually, the Cuban regime will fall, whether this year or another year. Yet, the US policy towards the people in Cuba will remain in the annals of history as one of the meanest policies ever pursued by a great power towards a small neighboring country that was never a threat.

The news almost never mentions that the billions that the oligarchs had stolen has, in many cases, the origin in Yeltsin's sale of state assets at ridiculous prices, at the time when these oligarchs & Yeltsin were supported by the West.

How to become much quoted and successful economic commentator on China. Follow these simple rules and you too can become a China pundit.

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