Globalization has fallen out of favor, and while many declare economic globalism dead, the name for this new era remains unsettled. Branko Milanovic proposes "national market liberalism" to describe a world where the free movement of capital is contracting as powerful governments embrace mercantilism and nationalism.

In his new book, The Great Global Transformation: The United States, Milanovic explores how the post-Cold War consensus has fractured. The Odd Lots podcast examines this shift, tracing how trade policy, industrial strategy, and geopolitical rivalry are reshaping the global economy.

Milanovic argues that the liberal international order has given way to a system where states prioritize domestic production and strategic autonomy over efficiency. This transformation reflects deeper structural changes in how the United States and other major powers view economic security.

The conversation highlights the tension between market liberalism at home and nationalist competition abroad, suggesting the coming decades will be defined by managed trade and great-power rivalry rather than unfettered integration.