23 Things They Don't Tell You About Capitalism
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- Author：Ha-Joon Chang
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Summary
Ha-Joon Chang's 23 Things They Don't Tell You About Capitalism turns received economic wisdom on its head to show you how the world really works。
In this revelatory book， Ha-Joon Chang destroys the biggest myths of our times and shows us an alternative view of the world， including:
There's no such thing as a 'free' market
Globalization isn't making the world richer
We don't live in a digital world - the washing machine has changed lives more than the internet
Poor countries are more entrepreneurial than rich ones
Higher paid managers don't produce better results
We don't have to accept things as they are any longer。 Ha-Joon Chang is here to show us there's a better way。
'Lively， accessible and provocative 。。。 read this book'
Sunday Times
'A witty and timely debunking of some of the biggest myths surrounding the global economy'
Observer
'The new kid on the economics block 。。。 Chang's iconoclastic attitude has won him fans'
Independent on Sunday
'Lucid 。。。 audacious 。。。 increasingly influential 。。。 will provoke physical symptoms of revulsion if you are in any way involved in high finance'
Guardian
'Important 。。。 persuasive 。。。 an engaging case for a more caring era of globalization'
Financial Times
'A must-read 。。。 incisive and entertaining'
New Statesman Books of the Year
Ha-Joon Chang is a Reader in the Political Economy of Development at the University of Cambridge。 He is author of Kicking Away the Ladder: Development Strategy in Historical Perspective， which won the 2003 Gunnar Myrdal Prize， and Bad Samaritans: Rich Nations， Poor Policies and the Threat to the Developing World。 Since the beginning of the 2008 economic crisis， he has been a regular contributor to the Guardian， and a vocal critic of the failures of our economic system。
In this revelatory book， Ha-Joon Chang destroys the biggest myths of our times and shows us an alternative view of the world， including:
There's no such thing as a 'free' market
Globalization isn't making the world richer
We don't live in a digital world - the washing machine has changed lives more than the internet
Poor countries are more entrepreneurial than rich ones
Higher paid managers don't produce better results
We don't have to accept things as they are any longer。 Ha-Joon Chang is here to show us there's a better way。
'Lively， accessible and provocative 。。。 read this book'
Sunday Times
'A witty and timely debunking of some of the biggest myths surrounding the global economy'
Observer
'The new kid on the economics block 。。。 Chang's iconoclastic attitude has won him fans'
Independent on Sunday
'Lucid 。。。 audacious 。。。 increasingly influential 。。。 will provoke physical symptoms of revulsion if you are in any way involved in high finance'
Guardian
'Important 。。。 persuasive 。。。 an engaging case for a more caring era of globalization'
Financial Times
'A must-read 。。。 incisive and entertaining'
New Statesman Books of the Year
Ha-Joon Chang is a Reader in the Political Economy of Development at the University of Cambridge。 He is author of Kicking Away the Ladder: Development Strategy in Historical Perspective， which won the 2003 Gunnar Myrdal Prize， and Bad Samaritans: Rich Nations， Poor Policies and the Threat to the Developing World。 Since the beginning of the 2008 economic crisis， he has been a regular contributor to the Guardian， and a vocal critic of the failures of our economic system。
Reviews
Wim
，
I am a great fan of Ha-Joon Chang: his brilliant books Bad Samaritans: The Myth Of Free Trade And The Secret History Of Capitalism and Kicking Away the Ladder: Development Strategy in Historical Perspective have profoundly influenced my views on development， economy and the role of government。This book， written in the aftermath of the 2008 financial crisis， is equally instructive and revealing: in a simple and straight-forward way， Chang explains what is wrong with the current way capitalism is I am a great fan of Ha-Joon Chang: his brilliant books Bad Samaritans: The Myth Of Free Trade And The Secret History Of Capitalism and Kicking Away the Ladder: Development Strategy in Historical Perspective have profoundly influenced my views on development， economy and the role of government。This book， written in the aftermath of the 2008 financial crisis， is equally instructive and revealing: in a simple and straight-forward way， Chang explains what is wrong with the current way capitalism is implemented。 Some of the chapters （'things'） echo his earlier books， notably on the role of protectionism and government intervention in the historical economical development of the western world and of the East-Asian countries。 Other 'things' are different and new。I learned most from his analysis of the link between formal education and economical development （'more education in itself is not going to make a country richer'）， and the chapters on company owners and CEO's （'companies should not be run in the interest of their owners'， 'US managers are overpriced'） and on poor countries （especially 'Africa is not destined for underdevelopment'）。Chang concludes the book with recommendations on how to rebuild the world economy。 I have just been missing aspects of ecology and climate in the book and in his views on the future of the world economy。 。。。more
Pritam Chattopadhyay
，
Book: 23 Things They Don't Tell You about CapitalismAuthor: Ha-Joon ChangPublisher: Penguin UK （1 September 2011）Language: EnglishPaperback: 304 pagesItem Weight: 224 gDimensions: 12。9 x 1。7 x 19。8 cmPrice: 477/- This book is not an anti-capitalist proposal。 Being critical of free-market ideology is not the same as being against capitalism。 Despite its predicaments and restraints， capitalism is still the best economic system that humanity has invented。 The author’s criticism is of a particular v Book: 23 Things They Don't Tell You about CapitalismAuthor: Ha-Joon ChangPublisher: Penguin UK （1 September 2011）Language: EnglishPaperback: 304 pagesItem Weight: 224 gDimensions: 12。9 x 1。7 x 19。8 cmPrice: 477/- This book is not an anti-capitalist proposal。 Being critical of free-market ideology is not the same as being against capitalism。 Despite its predicaments and restraints， capitalism is still the best economic system that humanity has invented。 The author’s criticism is of a particular version of capitalism that has dominated the world in the last three decades， that is， free-market capitalism。 This is not the only way to run capitalism， and undoubtedly not the best， as the record of the last three decades shows。 The book shows that there are ways in which capitalism should， and can， be made better。Even though the 2008 crisis has made us critically question the way in which our economies are run， most of us do not pursue such questions because we think that they are ones for the experts。 Indeed they are – at one level。 The exact answers do require knowledge on many technical issues， many of them so complicated that the experts themselves differ on them。 It is then natural that most of us simply do not have the time or the necessary training to learn all the technical details before we can pronounce our judgements on the effectiveness of TARP （Troubled Asset Relief Program）， the necessity of G20， the wisdom of bank nationalization or the apposite levels of executive salaries。 And when it comes to things like poverty in Africa， the workings of the World Trade Organization， or the capital adequacy rules of the Bank for International Settlements， most of us are honestly lost。However， it is not necessary for us to understand all the technical details in order to understand what is going on in the world and exercise what the author of this book calls an ‘active economic citizenship’ to insist upon the correct courses of action from those in decision-making positions。 After all， we make judgements about all sorts of other issues regardless of lacking technical proficiency。 We don’t need to be expert epidemiologists in order to know that there should be hygiene standards in food factories， butchers and restaurants。 Making judgements about economics is no different: once you know the key codes and basic facts， you can make some vigorous judgements without knowing the technical details。 The only precondition is that you are willing to eliminate those rose-tinted glasses that neo-liberal ideologies like you to wear every day。 The glasses make the world look easy and sweet。 But lift them off and stare at the clear harsh light of reality。The author divides the book into the following sections: Thing 1 There is no such thing as a free marketThing 2 Companies should not be run in the interest of their ownersThing 3 Most people in rich countries are paid more than they should beThing 4 The washing machine has changed the world more than the internet hasThing 5 Assume the worst about people and you get the worstThing 6 Greater macroeconomic stability has not made the world economy more stableThing 7 Free-market policies rarely make poor countries richThing 8 Capital has a nationalityThing 9 We do not live in a post-industrial ageThing 10 The US does not have the highest living standard in the worldThing 11 Africa is not destined for underdevelopmentThing 12 Governments can pick winnersThing 13 Making rich people richer doesn’t make the rest of us richerThing 14 US managers are over-pricedThing 15 People in poor countries are more entrepreneurial than people in rich countriesThing 16 We are not smart enough to leave things to the marketThing 17 More education in itself is not going to make a country richerThing 18 What is good for General Motors is not necessarily good for the United StatesThing 19 Despite the fall of communism， we are still living in planned economiesThing 20 Equality of opportunity may not be fairThing 21 Big government makes people more open to changeThing 22 Financial markets need to become less， not more， efficientThing 23 Good economic policy does not require good economistsThis book is intended to furnish the reader with an understanding of how capitalism really works and how it can be made to work better。 It is， however， not an ‘economics for dummies’。 It is attempting to be both far less and far more。It is less than economics for dummies because I do not go into many of the technical details that even a basic introductory book on economics would be compelled to explain。 However， this neglect of technical details is because 95 per cent of economics is common sense made complicated， and even for the remaining 5 per cent， the essential reasoning， if not all the technical details， can be explained in plain terms。But while completely accessible to non-specialist readers， this book is a lot more than economics for dummies。 Indeed， it goes much deeper than many advanced economics books in the sense that it questions many received economic theories and empirical facts that those books take for granted。 While it may sound daunting for a non-specialist reader to be asked to question theories that are supported by the ‘experts’ and to suspect empirical facts that are accepted by most professionals in the field， you will find that this is actually a lot easier than it sounds， once you stop assuming that what most experts believe must be right。Most of the issues discusses in the book do not have simple answers。 Indeed， in many cases， the main point is that there is no simple answer， unlike what free-market economists want you to believe。 However， unless we confront these issues， we will not perceive how the world really works。 And unless we understand that， we won’t be able to defend our own interests， not to speak of doing greater good as active economic citizens。 。。。more
Lucy King
，
Hard to come up with a cohesive review of this book - Some of it was brilliant， and some of it was， in my mind， shockingly short-sighed。 I will begin with what I liked。 The book is very easy to read and is very good at explaining economic concepts in layman’s terms before going on to talk about them in context with further detail。 Much of what it establishes about capitalism is true - about how market deregulation is dangerous， the free market doesn't exist， companies shouldn't be run in the int Hard to come up with a cohesive review of this book - Some of it was brilliant， and some of it was， in my mind， shockingly short-sighed。 I will begin with what I liked。 The book is very easy to read and is very good at explaining economic concepts in layman’s terms before going on to talk about them in context with further detail。 Much of what it establishes about capitalism is true - about how market deregulation is dangerous， the free market doesn't exist， companies shouldn't be run in the interests of their owners。 In fact the vast majority of the 'Things' on this list I have no problem with。 He puts a name to a phenomenon plaguing the job market at the moment， namely ‘degree inflation’ where once the proportion of people going to university goes over a critical threshold， people have to go to uni to get a ‘decent’ job。 “Now that ‘everyone’ has a university degree， you have to do a masters， or even a PhD， to stand out。” He also， in pointing out education does not necessarily correlate to economic growth， makes the very astute point that education is valuable not for its economic weight， but for personal development and fulfilment。 He is clearly very well researched。 Chang’s issue is with specific ‘free-market’ capitalism， and he stresses the importance of regulation and the welfare state。 Personally， I would find those are qualities of a society with a much more socialised name than the one he gives it。 It is in the further details of the problems he identifies with Capitalism where Chang's analysis falls short。 The book is woefully under sourced - There are around 70 references， 12 of which are Chang's own works。 A mere 70 references is the kind of supporting research I would expect from an undergraduate dissertation， not a 250 page book。 Chang himself is a university professor at Cambridge， which one would hope would mean he was savvier with backing up his arguments。 I understand that for popular mainstream politico-economic texts you need less sources than an academic paper， but there are chapters of this book with a single reference。 It’s not enough to give some of his， credible enough points， enough backing。 There are also some baffling omissions in this book; Thing 11 they didn’t tell you about Capitalism is called ‘Africa is Not Destined for Underdevelopment’。 The chapter talks about the economy of Africa as a whole （despite acknowledging how varied it is as a continent） and how its markets have slowed in the last 80 years due to interference from the World Bank and the IMF – a belief that is held by many leading economists and undoubtedly very true！ But to have an entire chapter on the economic development， or lack thereof， in Africa and not once mention the words slavery， racism， or colonialism is short-sighted at best。 Even interference from the IMF and World Bank is something I would go as far as to call neo-colonialism， which Chang does not。 I think the book also suffers from taking the claimed benefits of economic growth at face value; when rapid so-called ‘dynamic’ economic growth entails unemployment， industrialisation， and clear benefits only felt by the 0。01%， what is the benefit to wider society？ It bears mentioning that when the economy is growing， those who actually experience the material gains are shareholders， and when the economy is weak and declining， those who lose what they have are stakeholders - which is to say， workers， renters， the poor， and largely anyone disenfranchised by society。 Chang also takes a moment to talk about the role of private equity firms in the rise and fall of corporations in the modern day， acknowledging that in some cases they only acquire companies in order to asset-strip and leave before it collapses。 What goes ignored is that this is par for the course with Private Equity Firms; Blackstone （the current no。 1 PEF in the world） had an enormous hand in constructing the 2008 mortgage crash。 It is common to look through the history of folded companies and find that in their last 3-5 years they were acquired by a PEF。 Additionally， the book talks about international economies and trade， how smaller businesses have to start small at home before trading internationally， which I would agree with – this is one of the biggest issues with the IMF’s interference in Africa。 However， while discussing the deindustrialisation of the UK and the USA， not once does it reckon with why those particular countries were able to do so before many others。 Exploitation of cheap labour overseas has been the vast driving factor of the outsourcing of manufacturing in both countries and it goes unmentioned， as does the conditions in which the USA and UK were able to accrue so much international reach in the first place; slavery。 The role of， predominantly white， colonial powers， is minimised in this book， including the US and its impact on the economies of much of Latin America。 Chang makes some excellent points， but the book suffers from underdevelopment in most of them。 There are other books that follow from his arguments further and better， and I do understand that this book serves as a great steppingstone into viewing our economic systems with a critical eye。 I know I personally would have written this book with a much more Marxist framework， but I am also not an economics professor。 。。。more
Daniel
，
Excellent read， gives a broad view of many ways in the greatmesswhich free market economics and free trade are myths。
Will Fuqua
，
More or less agree with the premise， but this book mostly argues against neolib strawmen and may be counter productive at this point as neolibs have embraced many of the policies argued for。
Manoske
，
Chang's cherry picked arguments are thin on substance。 He sets up a straw man in the form of the "free market economists" and proceeds， ineffectively， to attempt to knock it down。 Chang's cherry picked arguments are thin on substance。 He sets up a straw man in the form of the "free market economists" and proceeds， ineffectively， to attempt to knock it down。 。。。more
John
，
The kind of general knowledge that at least one member of every household should have10 years old and more relevant than everI suspect that this book is directly responsible for many subsequent popular economics books， and indirectly for the careers of others in the public realm today。 It is not so much that he is revealing insights that others have not， but that he has managed to communicate them simply， effectively and in a way that resonates with the general public。 Essential。
Mohamed Ibrahim
，
الكتاب لغته سهلة في معضم الحقائق ال ٢٣ باستثناء اثنان او ثلاثة الحقائق سهلة و مبسطة و مشروحة بأمثلة و تجارب الدول النامية و المتقدمة。 لمحبي القراءة السريعة ممكن قراءة ٣ فقرات في كل حقيقة لقراءة سريعة للكتاب وهم "ما يقولونه"، ؛ " ما لا يقولونه لك" و " اخر فقرة في كل حقيقة。 ار حتي ممكن اتباع نفس الاسلوب لقراءة الكتاب مرة سريعة قبل القراءة التفصيلية مرة أخري。 الكتاب يركز علي رأسمالية حرية السوق خصوصا و ليس كل انواع الرأسمالية。 يقدم الكاتب ٧ طرق لقراءة الكتاب للباحثين عن موضوعات معينة。 الكتاب لغته سهلة في معضم الحقائق ال ٢٣ باستثناء اثنان او ثلاثة الحقائق سهلة و مبسطة و مشروحة بأمثلة و تجارب الدول النامية و المتقدمة。 لمحبي القراءة السريعة ممكن قراءة ٣ فقرات في كل حقيقة لقراءة سريعة للكتاب وهم "ما يقولونه"، ؛ " ما لا يقولونه لك" و " اخر فقرة في كل حقيقة。 ار حتي ممكن اتباع نفس الاسلوب لقراءة الكتاب مرة سريعة قبل القراءة التفصيلية مرة أخري。 الكتاب يركز علي رأسمالية حرية السوق خصوصا و ليس كل انواع الرأسمالية。 يقدم الكاتب ٧ طرق لقراءة الكتاب للباحثين عن موضوعات معينة。 。。。more
Kári Þorkelsson
，
Ekki láta lélegt nafn blekkja ykkur því hér er á ferðinni nokkuð skörp gagnrýni á nýfrjálshyggjuna af hagfræðing sem aðhyllist heftann kapítalisma。 Hún er skrifuð í kjölfar hrunsins 2008 og sýnir nokkuð skýrt þátt nýfrjálshyggjunnar í því og gagnrýnir kennisetningar hennar vel og á mjög skiljanlegu máli。
Stefan Gugler
，
Solid 3。5。I think Chang drives the point home pretty well that a completely free market neither exists nor is desirable。 From these introspections into modern capitalist states he also looks out to other nations and analyzes how international help and cooperation is designed: Usually contrary to what the most prosperous nations （according to GDP at least 。。。） implemented when they were in early economic development。 The capitalistic colonialization of countries all over the world is not even fro Solid 3。5。I think Chang drives the point home pretty well that a completely free market neither exists nor is desirable。 From these introspections into modern capitalist states he also looks out to other nations and analyzes how international help and cooperation is designed: Usually contrary to what the most prosperous nations （according to GDP at least 。。。） implemented when they were in early economic development。 The capitalistic colonialization of countries all over the world is not even from a liberal stand point desirable。 As Adam Smith already pointed out， despite being sort of the founding father of capitalism， regulations and safeguards are eminently important。 Why do LLCs even exist if because we believe that loss should be limited， just as bailouts in the 2009 crisis， the GM bailout， how even a Thatcher didn't abolish the NHS and many other things。One more novel （to me） view point was on financial instruments: The extremely complicated derivatives that are traded are opaque almost by design。 Collateralized debt obligations， their higher order friends （especially those） and credit-default swaps have extremely shady （i。e。 unstudied） effects on the market。 It's just adding more and more bets on top of a fundament （like the equity prices for the housing market in 2008） that remains the same。 Until 2009 it was hard to see and/or predict。 Why are these derivatives not scrutinized like new drugs that enter the market？ Regulations in many dangerous areas like drugs or weapons or foods are state mandated and people take it very seriously， because mistakes can cost many lives。 Complicated financial instruments also shouldn't be set free on the market for the same reason。 I think the book is quite recommendable to most people that want to gain some insight into liberal criticism of capitalism。 Even if you are a capitalist yourself （like Chang， btw）， it's not necessary to condone all practices of the most ruthless corporations in the world。 。。。more
Vlejd
，
This is a very hard review to do。 I have to say， I learned a lot interesting views and factoids。 However， often listening to this book was borderline unbearable。 Too many strawmen， too many questionable implications and conclusions， too many assertions of personal opinions。 How can you write about economy， and fail to understand basics of even taxi riding？Failing to understand， that price of a taxi is not given only by the skill of the driver， but other factors as well， time， safety and place of This is a very hard review to do。 I have to say， I learned a lot interesting views and factoids。 However， often listening to this book was borderline unbearable。 Too many strawmen， too many questionable implications and conclusions， too many assertions of personal opinions。 How can you write about economy， and fail to understand basics of even taxi riding？Failing to understand， that price of a taxi is not given only by the skill of the driver， but other factors as well， time， safety and place of the ride。 Authors claim: taxi driver in sweden makes 40x more that taxi driver in India。 Hence capitalism/free market are bullshit， because the indian driver is not 40x less skilled。 Author just fails to acknowledge， that you probably have 40x more expensive drivers in india as well。。。 。。。more
Ger
，
“23 things the don’t tell you about capitalism” es un libro que busca desmitificar los dogmas que vemos repetidos a diario por los economistas neoliberales o pro libre mercado （como prefieran decirles）。La principal idea es que el libre mercado no existe y que vivimos en economías en mayor o menor medida planificadas。 Las principales economías del mundo usaron políticas intervencionistas （como el proteccionismo y los subsidios） para desarrollarse。 Aun hoy， después de la liberalización de los años “23 things the don’t tell you about capitalism” es un libro que busca desmitificar los dogmas que vemos repetidos a diario por los economistas neoliberales o pro libre mercado （como prefieran decirles）。La principal idea es que el libre mercado no existe y que vivimos en economías en mayor o menor medida planificadas。 Las principales economías del mundo usaron políticas intervencionistas （como el proteccionismo y los subsidios） para desarrollarse。 Aun hoy， después de la liberalización de los años 80 hay sectores claves de la economía de EEUU que están dirigidos por el estado， como es el caso de la investigación científica。 Sin embargo， estos países utilizan su influencia directa （comercial， política y cultural） e indirecta （a través del FMI y el BM） para obligar a los países en desarrollo a abandonar el estado de bienestar y las políticas industriales y aplicar las recetas de libre mercado， de una forma aún más extrema que la que aplican en los países desarrollados。Es un libro interesante para entender el capitalismo， fácil de leer y apto para todo público， sin necesidad de conocimiento de economía。 。。。more
Micyukcha
，
This is the third book I've read by Chang。 The net new is dwindling but there are still some very good chapters， and in some ways， this may be the best mix of his books （intro to econ + his macro POV）。His chapter about equality of outcome and equality of opportunity put some thoughts in me。 This is the third book I've read by Chang。 The net new is dwindling but there are still some very good chapters， and in some ways， this may be the best mix of his books （intro to econ + his macro POV）。His chapter about equality of outcome and equality of opportunity put some thoughts in me。 。。。more
Ivor
，
Beetje saai， uitgelezen but at what cost。。。
Eva
，
gave a good insight into the free market and opened my mind in that aspect！ def recommend if you want to learn more in econ
Anthony Akoto
，
4。5 stars23 Things They Don't Tell You about Capitalism is an accessible and insightful takedown of the most common claims free-market （neoliberal） proponents make。 With the benefit of multiple decades of data and historical evidence from the world over， Chang clearly illustrates how the （still） dominant philosophy of low taxes for the rich， deregulation， privatization， free trade and austerity has brought about further instability and inequality in the world economy。 He also notably highlights 4。5 stars23 Things They Don't Tell You about Capitalism is an accessible and insightful takedown of the most common claims free-market （neoliberal） proponents make。 With the benefit of multiple decades of data and historical evidence from the world over， Chang clearly illustrates how the （still） dominant philosophy of low taxes for the rich， deregulation， privatization， free trade and austerity has brought about further instability and inequality in the world economy。 He also notably highlights how rich countries initially rose to prominence by often employing the "big government" and protectionist policies they so often denounce and discourage poorer countries from pursuing。While I do disagree with the notion that capitalism and those who stand to benefit the most from it can ultimately be kept in check via a string of social democratic policies， this book still provides an accessible overview of the workings of capitalism under neoliberalism and in general。 Recommended for those unconvinced by the current （as of this review） economic and political state of affairs。 。。。more
Raziel
，
7 Ways to Read 23 Things They Don’t Tell You about CapitalismWay 1。 If you are not even sure what capitalism is， read: Things 1 [There is no such thing as a free market]， 2 [Companies should not be run in the interest of their owners]， 5[Assume the worst about people and you get the worst]， 8[Capital has a nationality]， 13[Making rich people richer doesn’t make the rest of us richer]， 16[We are not smart enough to leave things to the market]， 19[Despite the fall of communism， we are still living 7 Ways to Read 23 Things They Don’t Tell You about CapitalismWay 1。 If you are not even sure what capitalism is， read: Things 1 [There is no such thing as a free market]， 2 [Companies should not be run in the interest of their owners]， 5[Assume the worst about people and you get the worst]， 8[Capital has a nationality]， 13[Making rich people richer doesn’t make the rest of us richer]， 16[We are not smart enough to leave things to the market]， 19[Despite the fall of communism， we are still living in planned economies]， 20[Equality of opportunity may not be fair]， and 22[Financial markets need to become less， not more， efficient]。Way 2。 If you think politics is a waste of time: Things 1 [There is no such thing as a free market]， 5[Assume the worst about people and you get the worst]， 7[Free-market policies rarely make poor countries rich]， 12[Governments can pick winners]， 16[We are not smart enough to leave things to the market]， 18[What is good for General Motors is not necessarily good for the United States]， 19[Despite the fall of communism， we are still living in planned economies]， 21[Big government makes people more open to change]， and 23[Good economic policy does not require good economists]。Way 3。 If you have been wondering why your life does not seem to get better despite ever-rising income and ever-advancing technologies: Things 2 [Companies should not be run in the interest of their owners]， 4[The washing machine has changed the world more than the internet has]， 6[Greater macroeconomic stability has not made the world economy more stable]， 8[Capital has a nationality]， 9[We do not live in a post-industrial age]， 10[The US does not have the highest living standard in the world]， 17[More education in itself is not going to make a country richer]， 18[What is good for General Motors is not necessarily good for the United States]， and 22[Financial markets need to become less， not more， efficient]。Way 4。 If you think some people are richer than others because they are more capable， better educated and more enterprising: Things 3[Most people in rich countries are paid more than they should be]， 10[The US does not have the highest living standard in the world]， 13[Making rich people richer doesn’t make the rest of us richer]， 14[US managers are over-priced]， 15[People in poor countries are more entrepreneurial than people in rich countries]， 16[We are not smart enough to leave things to the market]， 17[More education in itself is not going to make a country richer]， 20[Equality of opportunity may not be fair]， and 21[Big government makes people more open to change]。Way 5。 If you want to know why poor countries are poor and how they can become richer: Things 3[Most people in rich countries are paid more than they should be]， 6[Greater macroeconomic stability has not made the world economy more stable]， 7[Free-market policies rarely make poor countries rich]， 8[Capital has a nationality]， 9[We do not live in a post-industrial age]， 10[The US does not have the highest living standard in the world]， 11[Africa is not destined for underdevelopment]， 12[Governments can pick winners]， 15[People in poor countries are more entrepreneurial than people in rich countries]， 17[More education in itself is not going to make a country richer]， and 23[Good economic policy does not require good economists]。Way 6。 If you think the world is an unfair place but there is nothing much you can do about it: Things 1 [There is no such thing as a free market]， 2 [Companies should not be run in the interest of their owners]， 3[Most people in rich countries are paid more than they should be]， 4[The washing machine has changed the world more than the internet has]， 5[Assume the worst about people and you get the worst]， 11[Africa is not destined for underdevelopment]， 13[Making rich people richer doesn’t make the rest of us richer]， 14[US managers are over-priced]， 15[People in poor countries are more entrepreneurial than people in rich countries]， 20[Equality of opportunity may not be fair]， and 21[Big government makes people more open to change]。Way 7。 Read the whole thing [from the beginning）…“Being critical of free-market ideology is not the same as being against capitalism。 Despite its problems and limitations， I believe that capitalism is still the best economic system that humanity has invented。”， p。 9“Free-market capitalism。 This is not the only way to run capitalism， and certainly not the best， as the record of the last three decades shows。”， p。 9“Once you know that there is really no such thing as a free market， you won’t be deceived by people who denounce a regulation on the grounds that it makes the market ‘unfree’。”， p。10“Human decisions， especially decisions by those who have the power to set the rules， make things happen in the way they happen。”， p。 11“95% of economics is common sense made complicated， and even for the remaining 5%， the essential reasoning， if not all the technical details， can be explained in plain terms。”， p。 12“Every market has some rules and boundaries that restrict freedom of choice。 A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them。 How ‘free’ a market is cannot be objectively defined。 It is a political definition。”， p。 13“If wages and interest rates are （to a significant extent） politically determined， then all the other prices are politically determined， as they affect all other prices。”， p。 17“We see a regulation when we don’t endorse the moral values behind it。”， p。 17“what is a necessary state intervention consistent with free-market capitalism is really a matter of opinion。 There is no scientifically defined boundary for free market。”， p。 20“economics is not a science like physics or chemistry， but a political exercise。”， p。 21“If there were free migration， most workers in rich countries could be， and would be， replaced by workers from poor countries。 In other words， wages are largely politically determined。”， p。 35“It is a myth —a necessary myth， but a myth nonetheless— that nations have immutable national identities that cannot be， and should not be， changed。 However， if there are too many immigrants coming in at the same time， the receiving society will have problems creating a new national identity， without which it may find it difficult to maintain social cohesion。”， p。 39“poor people from poor countries are usually able to hold their own against their counterparts in rich countries。 It is the rich from the poor countries who cannot do that。 It is their low relative productivity that makes their countries poor”， p。 41“countries can have quite different female labour market participation ratios and different occupation structures， depending on things like social conventions regarding the acceptability of middle-class women working （poor women have always worked）， tax incentives for paid work and child rearing， and the affordability of childcare”， p。 47“if the world were full of the self-seeking individuals found in economics textbooks， it would grind to a halt because we would be spending most of our time cheating， trying to catch the cheaters， and punishing the caught。”， p。 53“Self-interest， to be sure， is one of the most important， but we have many other motives —honesty， self-respect， altruism， love， sympathy， faith， sense of duty， solidarity， loyalty， public-spiritedness， patriotism， and so on— that are sometimes even more important than self-seeking as the driver of our behaviours。”， p。 57“those invisible reward/sanction mechanisms that free-market economists say create the optical illusion of morality can exist only because we are not the selfish， amoral agents that those economists say we are”， p。 61“Despite the increasing ‘transnationalization’ of capital， most trans-national companies in fact remain national companies with international operations”， p。 86“Home biases do not exist simply because of emotional attachments or historical reasons。 Their existence has good economic bases。”， p。 93“culture is more of an outcome， rather than a cause， of economic development。”， p。 135“there is no reason to presume that upward income redistribution will accelerate investment and growth。 This has not happened in general。 Even when there is more growth， the trickle down that occurs through the market mechanism is very limited， as seen in the。。。 comparison of the US with other rich countries with a good welfare state。”， p。 156“The managerial class in the US has gained such economic， political and ideological power that it has been able to manipulate the forces that determine its pay。”， p。 157“Markets weed out inefficient practices， but only when no one has sufficient power to manipulate them。”， p。 164“Having to maximize dividends to keep the shareholders quiet， investment is minimized， weakening the company’s long-term productive capabilities。 When combined with excessive managerial pay， this puts the。。。 firms at a disadvantage in international competition， eventually costing the workers their jobs”， p。 165“entrepreneurship has become a collective activity， so the poverty of collective organization has become an even bigger obstacle to economic development rather than the deficient entrepreneurial spirits of individuals。”， p。 166“For developing-country entrepreneurs， things go wrong all the time。。。 Coping with all these obstacles requires agile thinking and the ability to improvise。 An average American businessman would not last a week in the face of these problems， if he were made to manage a small company。”， p。 168“The recipe sounds perfect。 Microcredit allows the poor to get out of poverty through their own efforts， by providing them with the financial means to realize their entrepreneurial potential。 In the process， they gain independence and self-respect， as they are no longer relying on handouts from the government and foreign aid agencies for their survival。 Poor women are particularly empowered by microcredit， as it gives them the ability to earn an income and thus improve their bargaining positions vis-à-vis their male partners。 Not having to subsidize the poor， the government feels less pressure on its budget。 The wealth created in the process， naturally， makes the overall economy， and not just the informal sector entrepreneurs， richer。”， p。 170“David Roodman， Jonathan Morduch， a long-time advocate of microfinance， confesses that ‘[s]trikingly， 30 years into the microfinance movement we have little solid evidence that it improves the lives of clients in measurable ways’。”， p。 171[D。 Roodman and J。 Morduch， ‘The impact of microcredit on the poor in Bangladesh: Revisiting the evidence’， 2009， working paper， no。 174， Center for Global Development， Washington， DC。]“If effective entrepreneurship ever was a purely individual thing， it has stopped being so at least for the last century。 The collective ability to build and manage effective organizations and institutions is now far more important than the drives or even the talents of a nation’s individual members in determining its prosperity。 Unless we reject the myth of heroic individual entrepreneurs and help them build institutions and organizations of collective entrepreneurship， we will never see the poor countries grow out of poverty on a sustainable basis。”， p。 175“the problem with the free market does not end with the fact that individually rational actions can lead to a collective irrational outcome （that is， market failure）。 The problem is that we are not even rational to begin with。 And when the rationality assumption does not hold， we need to think about the role of the market and of the government in a very different way even from the market failure framework， which after all also assumes that we are rational。”， p。 179“Alan Greenspan， former chairman of the Federal Reserve Board， had to admit in a Congressional hearing， it was a ‘mistake’ to ‘presume that the self-interest of organisations， specifically banks， is such that they were best capable of protecting shareholders and equity in the firms’。 Self-interest will protect people only when they know what is going on and how to deal with it。”， p。 180“According to [Herbert] Simon [1978 Nobel Prize in economics]， we try to be rational， but our ability to be so is severely limited。 The world is too complex， Simon argued， for our limited intelligence to understand fully。 This means that very often the main problem we face in making a good decision is not the lack of information but our limited capability to process that information。”， p。 182“Uncertainty —or the complexity of the world， to put it another way [Donald Rumsfeld， Defense Secretary in the first government of George W。 Bush]: ‘There are known knowns。 There are things we know that we know。 There are known unknowns。 That is to say， there are things that we now know we don’t know。 But there are also unknown unknowns。 There are things we do not know we don’t know。’”， p。 183“[Herbet] Simon’s n [1978 Nobel Prize in economics] theory shows that many regulations work not because the government necessarily knows better than the regulated （although it may sometimes do） but because they limit the complexity of the activities， which enables the regulated to make better decisions。”， p。 185“There is remarkably little evidence showing that more education leads to greater national prosperity。 Much of the knowledge gained in education is actually not relevant for productivity enhancement， even though it enables people to lead a more fulfilling and independent life。”， p。 187“What really matters in the determination of national prosperity is not the educational levels of individuals but the nation’s ability to organize individuals into enterprises with high productivity。”， p。 187“with the continuous rise in manufacturing productivity， a greater proportion of the workforce in rich countries now works in low-skilled service jobs that do not require much education。。。 with economic development， a higher proportion of knowledge becomes embodied in machines。"， p。 192“what matters is not the absolute amount of regulation， but the aims and contents of those regulations。”， p。 207“organizational economy。。。 the bulk of earth’s economic activities is coordinated within the boundaries of firms （organizations）， rather than through market transactions between those firms。”， p。 217 。。。more
Declan
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First economics book I've read in quite a while that made me want to read more。 Delivered at a level that's full of excellent real world examples that you'd recognise， not just stock market stories。 First economics book I've read in quite a while that made me want to read more。 Delivered at a level that's full of excellent real world examples that you'd recognise， not just stock market stories。 。。。more
Claire
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Ha-Joon Chang has achieved what I previously thought impossible - stripping down economics and economic theory to its bare essentials。 Chang expertly myth-busts， making what could be an excruciating experience for a reader like myself， into a mind expanding and captivating read。 Not only did I find the book very smart and insightful， it has genuinely contributed to shaping my world view on several topics。 Plus， it was fun！ Well done Ha-Joon Chang！
Phùng Đức thịnh
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Point của tác giả chính là tin vào sự can thiệp của nhà nước， khen HQ （ vì tác giả người Hàn，lol） Một số idea hay và mình đồng ý。 Thứ nhất， thị trường thực tế không tự do， các nước giàu sẵn rồi， sức cạnh tranh mạnh liên tục ép các nước yếu về năng lực sản xuất mở cửa， cạnh tranh sòng phẳng， không cần nói đã thấy thua thiệt cho các nước nhỏ。 Một số quốc gia có mỗi khả năng cạnh tranh bởi nhân công rẻ và môi trường thì phải chịu áp đặt tiêu chuẩn các nước giàu là không thỏa đáng。 Họ còn lấy gì để Point của tác giả chính là tin vào sự can thiệp của nhà nước， khen HQ （ vì tác giả người Hàn，lol） Một số idea hay và mình đồng ý。 Thứ nhất， thị trường thực tế không tự do， các nước giàu sẵn rồi， sức cạnh tranh mạnh liên tục ép các nước yếu về năng lực sản xuất mở cửa， cạnh tranh sòng phẳng， không cần nói đã thấy thua thiệt cho các nước nhỏ。 Một số quốc gia có mỗi khả năng cạnh tranh bởi nhân công rẻ và môi trường thì phải chịu áp đặt tiêu chuẩn các nước giàu là không thỏa đáng。 Họ còn lấy gì để cạnh tranh nữa。 Thứ hai， đúng là đóng biên， chặn nhập cư mới làm mức thu nhập của dân các nước giàu luôn duy trì ở mức cao。 Cùng 1 công việc không phức tạp như rán gà KFC， ở châu Âu và Mỹ có thể nhận mức thu nhập 9-10 USD/h， ở VN giá có 0。75USD/h （~15k/h）。 Giả sử cho lao động đi lại tự do thì mình tin chắc là lao động VN chảy mạnh mẽ vào Âu Mỹ kéo tiền lương hai bên ngang nhau ngay và không có chuyện lao động VN nhận mức lương thấp thế。 Thứ ba là sức mạnh của 1 MNC khi tạo 1 cơ sở ở nước ngoài ngoài vấn đề công nghệ sản xuất mạnh hơn thì còn mạnh về quản lý con người và nhân lực giỏi nữa。 Công nhận là năng lực tổ chức một nhà máy hàng nghìn công nhân， phối hợp ca kíp sao cho hợp lý， hợp tình đúng là không hề đơn giản nếu tự bắt tay làm từ số 0， vấn đề con người làm việc với nhau bao giờ cũng nan giải nên năng lực quản lý tưởng không đáng xét đến nhưng thực sự lại vô cùng quan trọng。Thứ tư， Phúc lợi lớn hơn sẽ làm người lao động dám chấp nhận rủi ro hơn để học một ngành khác。 Tác giả nói đến ở HQ những học sinh giỏi nhất họ chọn học Y vì động lực an toàn， đến năm 40t không sợ bị đào thải， thất nghiệp。 Phúc lợi xã hội kém， việc làm không đảm bảo nên học sinh giỏi không muốn take risk và nhảy sang ngành mới， triển vọng như công nghệ sinh học， chọn 1 lựa chọn r thì khó có thể chọn lại được nữa。 Đoạn này liên tưởng VN dễ sợ， học sinh c3 giỏi ưu tiên vào công an， quân đội， y， hoặc sau này thi vào công chức vì một sự bảo đảm an toàn， tuổi trẻ chịu khó nhưng về già sẽ có thể an tâm， không bị đào thải。 Ở một số quốc gia như Đức， đúng là giới trẻ take risks ổn hơn， nếu tình trạng khó khăn thì có thể nhận trợ cấp thất nghiệp， đi học một ngành mới và đổi ngành。 Điểm yếu là nảy sinh tâm lý ỷ lại ở người nhận trợ cấp， nền kinh tế sẽ trì trệ nhưng thực tế đã không xảy ra， mức tăng trưởng do người lao động được giải phóng khỏi lo toan， dám take risk hơn đã cover được phần thiệt。 Cái lưới phúc lợi này giống với luật phá sản。 Doanh nghiệp nộp đơn phá sản sẽ được miễn nợ hoàn toàn và doanh nhân có thể bắt đầu lại từ đầu。 Luật phá sản khuyến khích doanh nhân dám làm hơn và yup đến nay nó vẫn thể hiện tính đúng đắn nên phúc lợi cũng sẽ mang lại điều tương tự。 Một số idea khác thì bị mù mờ， nhất là đoạn về equality， chắc tác giả không thực sự giỏi về đoạn này nên mình thấy lớt phớt và không đến point đáng giá nào cả。 Nhìn chung để thưởng thức thì khá ổn， và người đọc có một chút kiến thức về kinh tế sẽ thấy đọc trôi hơn。 。。。more
Henna Ranu
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so boring I wanted to cry
James Gibb
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Interesting。 Sophistic arguments
Salahuddin Hourani
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جميل جدا ، شيق ， و سهل الفهم والاستيعاب لغير الاقتصاديينالكتاب عصري ، يشرح بتبسيط ماحدث في 2008 （الازمة المالية） و يشرح ايضا تاريخ وجذور الراسمالية للدول الراسمالية الحديثةالكتاب شيق ، الفصول غير طويلة ومختصرة الشرح ، قراءة ممتعة ، بعض الفصول كان فيها شيء من الملل و عسر الفهم لكن يمكن فهم فكرتها بشكل عامالكتاب معني باحد مذاهب الراسمالية فقط （راسمالية حرية السوق） و ليس الراسمالية بشكل عام
Erik Pillon
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"Lively， accessible and provocative" "Lively， accessible and provocative" 。。。more
Naya
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Hard to rate nonfiction/non creative nonfiction book。Main Takeaway（s）: capitalism = fine， free-market capitalism = bad
Andy Lee
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Currently my favorite book about economics。 Entirely accessible and thought-provoking throughout。 Showed me the name weaknesses of free-market capitalism and how government intervention （bankruptcy laws， welfare state， protectionism） can be used to increase productivity along with standard of living。 Highly recommend to get a fresh take about economics and how important policies are to encourage growth and produce equitable outcomes。 Also great to recognize how all of the rich countries today di Currently my favorite book about economics。 Entirely accessible and thought-provoking throughout。 Showed me the name weaknesses of free-market capitalism and how government intervention （bankruptcy laws， welfare state， protectionism） can be used to increase productivity along with standard of living。 Highly recommend to get a fresh take about economics and how important policies are to encourage growth and produce equitable outcomes。 Also great to recognize how all of the rich countries today didn't engage in free-market capitalism during their rise and their encouraging developing countries to do so is at the detriment of the developing countries。 。。。more
Mario Lopez
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Me gusto， es fácil de leer y comprender。。。 una visión distinta sobre el capitalismo de libre mercado。。 muy recomendable para ampliar el panorama y puntos de vista sobre temas económicos。
Peter Colclasure
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The debate about "socialism" is the most boring debate of the last four years。 Certain obvious things that absolutely one seems to grasp include: 1。 Socialism is a meaningless concept; the term as currently used is a broad umbrella category spanning everything from the USSR to Canada。 2。 Capitalism is a meaningless concept; the term as currently used includes a broad swath of economic systems from mercenary corporate globalism to main street shops， to Nordic countries with robust welfare states。 The debate about "socialism" is the most boring debate of the last four years。 Certain obvious things that absolutely one seems to grasp include: 1。 Socialism is a meaningless concept; the term as currently used is a broad umbrella category spanning everything from the USSR to Canada。 2。 Capitalism is a meaningless concept; the term as currently used includes a broad swath of economic systems from mercenary corporate globalism to main street shops， to Nordic countries with robust welfare states。 3。 Socialism and capitalism are not necessarily opposed; it's possible to have both simultaneously， it's possible to have neither。 4。 All economies are mixed economies。 Anyone who treats this debate as a death match between two diametrically opposed economic systems should retake economics 101。 There are different forms of capitalism; there are different forms of socialism， and the question is what mix do you want in your economy？Oxford economist Ha-Joon Chang is a capitalist who favors a robust welfare state。 He paraphrases Churchill that capitalism is the worst economic system， except for all the others。 This book is easy to read， irreverent， funny， and honest。 。。。more
Sara Moesgaard
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Ha-Joon Chang writes with humor and charm about economic issues that affect us all。 For this purpose it succeeds。 However， while it awakens my curiosity about these topics， Chang has few sources and scarcely any books recommended for further reading and insertion into the topics。 This I truly miss in his depictions of capitalisms many failings。
Rhys Williams
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