"For anyone who wants to understand capitalism not as economists or politicians have pictured it but as it actually operates, this book will be invaluable."-Observer (UK)
If you've wondered how we did not see the economic collapse coming, Ha-Joon Chang knows the answer: We didn't ask what they didn't tell us about capitalism. This is a lighthearted book with a serious purpose: to question the assumptions behind the dogma and sheer hype that the dominant school of neoliberal economists-the apostles of the freemarket-have spun since the Age of Reagan.
Chang, the author of the international bestseller Bad Samaritans, is one of the world's most respected economists, a voice of sanity-and wit-in the tradition of John Kenneth Galbraith and Joseph Stiglitz. 23 Things They Don't Tell You About Capitalism equips readers with an understanding of how global capitalism works-and doesn't. In his final chapter, "How to Rebuild the World," Chang offers a vision of how we can shape capitalism to humane ends, instead of becoming slaves of the market.
For more information please see the book website: http://kickingawaytheladder.anthempressblog.com
One economist has called Ha-Joon Chang "the most exciting thinker our profession has turned out in the past fifteen years." With Bad Samaritans, this provocative scholar bursts into the debate on globalization and economic justice.
Using irreverent wit, an engagingly personal style, and a battery of examples, Chang blasts holes in the "World Is Flat" orthodoxy of Thomas Friedman and other liberal economists who argue that only unfettered capitalism and wide-open international trade can lift struggling nations out of poverty. On the contrary, Chang shows, today's economic superpowers-from the U.S. to Britain to his native Korea-all attained prosperity by shameless protectionism and government intervention in industry. We have conveniently forgotten this fact, telling ourselves a fairy tale about the magic of free trade and-via our proxies such as the World Bank, International Monetary Fund, and World Trade Organization-ramming policies that suit ourselves down the throat of the developing world.
Unlike typical economists who construct models of how the marketplace should work, Chang examines the past: what has actually happened. His pungently contrarian history demolishes one pillar after another of free-market mythology. We treat patents and copyrights as sacrosanct-but developed our own industries by studiously copying others' technologies. We insist that centrally planned economies stifle growth-but many developing countries had higher GDP growth before they were pressured into deregulating their economies. Both justice and common sense, Chang argues, demand that we reevaluate the policies we force on nations that are struggling to follow in our footsteps.
In his bestselling 23 Things They Don't Tell You About Capitalism, Cambridge economist Ha-Joon Chang brilliantly debunked many of the predominant myths of neoclassical economics. Now, in an entertaining and accessible primer, he explains how the global economy actually works-in real-world terms. Writing with irreverent wit, a deep knowledge of history, and a disregard for conventional economic pieties, Chang offers insights that will never be found in the textbooks.
Unlike many economists, who present only one view of their discipline, Chang introduces a wide range of economic theories, from classical to Keynesian, revealing how each has its strengths and weaknesses, and why there is no one way to explain economic behavior. Instead, by ignoring the received wisdom and exposing the myriad forces that shape our financial world, Chang gives us the tools we need to understand our increasingly global and interconnected world often driven by economics. From the future of the Euro, inequality in China, or the condition of the American manufacturing industry here in the United States-Economics: The User's Guide is a concise and expertly crafted guide to economic fundamentals that offers a clear and accurate picture of the global economy and how and why it affects our daily lives.
After presenting the overarching theoretical framework and a synthesis of findings over the 21 countries examined, the book presents six detailed case studies of agricultural policy in the last half a century in two Latin American countries (Chile and Mexico), two African countries (Ethiopia and Ghana), and two Asian countries (India and Vietnam). Each chapter examines a wide range of policies, including land policy (land tenure reform and land quality improvement), knowledge policy (research, extension, education, and information), credit policy (specialized banks and agricultural credit co-operatives), physical inputs policy (irrigation, transport, electricity, and divisible inputs such as fertilizers, seeds, and farm machinery), policies intended to increase farm income stability (price stabilization measures, insurances, and trade protection), and policies intended to improve agricultural marketing and processing.
Through its historical and comparative approaches, the book frees our "policy imagination" by showing that the range of policies and institutions that have produced positive outcomes for agricultural development has been much wider than any particular ideological position – be it the pre-1980s statist one or the pro-market NCW – would admit. It also shows that the willingness to experiment with new policies and institutions, and the willingness to learn from other countries’ successes and improve upon their solutions, were important in all agricultural success stories.
Looking first at the strengths and weaknesses of 'Korea Inc.' in comparison with other East Asian countries, the authors describe the challenges faced by Korea in the 1990s due to the acceleration of globalization. By arguing that the transition attempted by Korea was badly conceived and ill designed, Restructuring 'Korea Inc.' focuses on corporate reform after the crisis that has led to the running up of huge 'transition costs'.
This snappy, informative and readable book has a broad historical overview and with its suggestions for structural change for Korea. This book is an important contribution not only to Asian studies, but also to the study of financial crises and the political economy of economic reform.