HA-JOON CHANG ~ 23 THINGS THEY DON’T TELL YOU ABOUT CAPITALISM ~ 2010

~ O-GRW-EICALTMFM-NBGHSKBBIRCATTCOTPAH-TRTPTTMGW ~ Often – Government Regulation Works – Especially In Complex Areas Like The Modern Financial Market – Not Because The Government Has Superior Knowledge But Because It Restricts Choices And Thus The Complexity Of The Problems At Hand – Thereby Reducing The Possibility That Things May Go Wrong

~ TADWTOC-FMC-IOOOT-A-NAVGOAT-TLTDHST-CTTCOIP-ISDTE-IIAI-A-LTMF(ASM)FC ~ There Are Different Ways To Organize Capitalism – Free-Market Capitalism – Is Only One Of Them – And – Not A Very Good One At That – The Last Three Decades Have Shown That – Contrary To The Claims Of Its Proponents – It Slows Down The Economy – Increases Inequality And Insecurity – And – Leads To More Frequent (And Sometimes Massive) Financial Crashes

~ E-AIHBPITLTD-HBPHFMP ~ Economics – As It Has Been Practised In The Last Three Decades – Has Been Positively Harmful For Most People

~ BGTPOMSIBIA-WHCAWWMEAIACOORTS ~ By Glorifying The Pursuit Of Material Self-Interest By Individuals And Corporations – We Have Created A World Where Material Enrichment Absolves Individual And Corporations Of Other Responsibilities To Society

HA-JOON CHANG ~ BAD SAMARITANS ~ 2010

~ TMOFTATSHOC ~ The Myth Of Free Trade And The Secret History Of Capitalism

~ BHTUT-ITESOTD-VASCUSMO-P-S-A-R-IOTDTE ~ But History Tells Us That – In The Early Stage Of Their Development – Virtually All Successful Countries Used Some Mixture Of – Protection – Subsides – And – Regulation – In Order To Develop Their Economies

~ U-ALOHITRCH-‘KATL’-BF-FM-FT-P-O-PC ~ Unfortunately – Another Lesson Of History Is That Rich Countries Have – “Kicked Away The Ladder” – By Forcing – Free-Market – Free-Trade – Policies – On – Poor Countries

~ AECDNWMCETTNPTTSUITP ~ Already Established Countries Do Not Want More Competitors Emerging Through The Nationalistic Policies They Themselves Successfully Used In The Past

~ TIOITFEDCBO-BFTINTBPTED ~ The Importance Of International Trade For Economic Development Cannot Be Overemphasized – But Free Trade Is Not The Best Path To Economic Development

~ THEDOWTCEAMOPAOT-CAIATICNAC ~ Trade Helps Economic Development Only When The Country Employs A Mixture Of Protection And Open Trade – Constantly Adjusting It According To Its Changing Needs And Capabilities

~ TISTIFEDTBLTFTE ~ Trade Is Simply Too Important For Economic Development To Be Left To Free Trade Economists