PDF Ebook 23 Things They Don't Tell You About Capitalism, by Ha-Joon Chang
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23 Things They Don't Tell You About Capitalism, by Ha-Joon Chang
PDF Ebook 23 Things They Don't Tell You About Capitalism, by Ha-Joon Chang
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Review
"Chang, befitting his position as an economics professor at Cambridge University, is engagingly thoughtful and opinionated at a much lower decibel level." - Time"Chang presents an enlightening précis of modern economic thought-and all the places it's gone wrong, urging us to act in order to completely rebuild the world economy" - Publishers Weekly"I doubt there is one book, written in response to the current economic crisis, that is as fun or easy to read as Ha-Joon Chang's 23 Things They Don't Tell you About Capitalism." - AlterNet Executive Editor Don Hazen"Myth-busting and nicely-written collection of essays." - Independent (UK)"A lively, accessible and provocative book." - Sunday Times (UK)
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About the Author
Ha-Joon Chang was born in Seoul, South Korea, and teaches Economics and Development Studies at the University of Cambridge. His books include the international bestseller Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, Kicking Away the Ladder, winner of the Myrdal Prize, and 23 Things They Don't Tell You About Capitalism. Chang was awarded the Leontief Prize for Advancing the Frontiers of Economic Thought. He lives in Cambridge with his wife, Hee-Jeong Kim, and two children, Yuna, and Jin-Gyu.
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Product details
Paperback: 304 pages
Publisher: Bloomsbury Press; Reprint edition (January 24, 2012)
Language: English
ISBN-10: 9781608193387
ISBN-13: 978-1608193387
ASIN: 1608193381
Product Dimensions:
5.6 x 0.9 x 8.3 inches
Shipping Weight: 9.6 ounces (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
191 customer reviews
Amazon Best Sellers Rank:
#202,111 in Books (See Top 100 in Books)
Full disclosure: professor Chang is preaching to the choir (of which I am a member). This little book is an excellent precis of the principal points of disagreement between two schools of economic thought: neoclassical liberalism and institutionalism. Mr Chang is an institutionalist. He believes that the balanced economies of, say, Norway, Sweden, Finland and Switzerland achieve better outcomes for their participants than their liberal counterparts in the U. S., the U. K., and Chile, for example. He offers on orderly, accessible, reasonable discussion of both positions on 23 economic issues and includes supporting data for his views.I enjoyed reading this book. Although the ideas are complex, Prof. Chang offers them in straightforward, clear prose that doesn't require you to use a dictionary (fluent English readers, that is. I recommend it.
039-Chang-ThingsAnother tremendous economics book. Literally shaking the foundations of the present Weltbild. Splinters of Chang's hammering will forcibly, or at least probably, also hit the present paradigm of economic science.What are the real market forces? Is market economy just a battlefield of grass root forces? Chang throws 23 stones to break the old beliefs in this respect. He asks respect to government power by remarkable quantitative argumentation, but without use of snobbish scientific methods, just using common sense and well related percentages, mostly very convincing. His main trend is that countries and economies with well organized government do better than governments only lightly interfering the market process.Very descriptive are the headings of this book, such as: There is no such thing as a free market, The washing machine has changed the world more than the internet has, Governments can pick winners, We are not smart enough to leave things to the market or Good economic policy does not require good economists.From my nordic standpoint it is flattering and even complimentary that it seems that in all comparisons my tiny country Finland is mentioned among the exemplary models.How persuasive as his argumentation may be, I do not get completely rid of my suspicions and confusions. On one hand Chang praises the role of government regulation: Governments can pick winners, on the other, he gives full credit to market system, if, however, in the spirit of it being the least harmful of all available systems. Communism has clearly shown its merits by ending up to complete failure. Although one of his headings is: Despite the fall of communism, we are still living in planned economies. The next heading is: Equality of opportunity may not be fair and after this: Big government makes people more open to change.As conclusion Chang bravely says his opinion: how to rebuild the world economy. He formulates eight directives or more modestly principles as he says.The first of then is drawn from a word of a surprising big authority, Winston Churchill, paraphrasing just what I already cited above: 'capitalism is the worst economic system except for all the others'. In the light of what we have read it is not surprising that Chang's criticism is of free-market capitalism, and not all kinds of capitalism.Second: we should build our new economic system on the recognition that human rationality is severely limited.Third: while acknowledging that we are not selfless angels, we should build a system that brings out the best, rather than worst, in people.Fourth: we should stop believing that people are always paid what they ‘deserve’.Fifth: we need to take ‘making things’ more seriously.Sixth: we need to strike a better balance between finance and ‘real’ activities.Seventh: government needs to become bigger and more active.Eighth: the world economic system needs to ‘unfairly’ favour developing countries.Who could dispute these? Every one of them is worth pondering and referring to Chang's argumentation throughout the 23 stone hard pieces of text in his book. No way of avoiding full five stars.I myself in front of a completely different present view of the state of my country's economy compared to Chang's am planning to cook up a new utopistic general economic theory. I have decided to base it on only two corner stones: Adam Smith's Wealth of Nations and Keynes's General Theory. Keeping strictly to these two. Being ready to mend and change, if trying to present anything in conflict with these. Now having read Chang's 23 Things, I have decided to ad this book as the third corner stone to my utopy. Three corner stones for an utopistic structure are more than enough, particularly as the structure is ready done, lacking just the start, as says a wisecracking proverb of my homestead Savo.
Ha-Joon brings us a different view of capitalism than what is put forth as generally accepted fact. He points out the fallacies taught and spoken about capitalism that are accepted as truth in our American society. His insightful thought is backed by research and statistics that support his statements. Upon careful reading, most people will substantially agree with many, if not all of his conclusions. He starts off by shooting holes in the idea that the "free market" will solve most of our problems if only we would get regulation out of the way. Possibly a solution if there were such a thing a free market, however as he states a free market is not possible in our world today and therefore any thought that "just let the free market solve the problem" is a pipe-dream does not and cannot work.As he points out, every market is skewed for many reasons, but seldom if ever "free". Two of many examples stand out - In the 1820s there was a political fight to outlaw child labor - the capitalists screaming that the free market of labor would be destroyed and the economic future of England was at stake if restrictions were put on children being allowed to work. It is obvious to us today that working a 7 year old child working 12 hours a day endangered the health an well being of the child as well as the society as a whole. He also points out that a truly free labor market would require free movement of people anywhere in the world as they might choose to fill the needs of labor in various places/countries. A second point among many, is that developing economies (including the beginnings of the United States, notwithstanding Adam Smith) do not grow well without protective tariffs and rules that provide an umbrella of safety for new embryonic enterprises to grow to a size and competence required to compete with developed economies. In more recent times, several managed economies including China, Taiwan, Japan and Singapore to mention a few have out performed the so-called free-market economies by large margins.I highly recommend this book as a read for anyone wanting to gain some balance regarding economic principles in a world filled with loud confusing noise about the direction we need to head in order to navigate through our challenging future.
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