23 things they don t tell you about capitalism review

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23 things they don t tell you about capitalism review

23 Things They Dont Tell You about Capitalism by Ha-Joon Chang

Thing 1: There is no such thing as free market.
Thing 4: The washing machine has changed the world more than the Internet.
Thing 5: Assume the worst about people, and you get the worst.
Thing 13: Making rich people richer doesnt make the rest of us richer.

If youve wondered how we did not see the economic collapse coming, Ha-Joon Chang knows the answer: We didnt ask what they didnt 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 worlds most respected economists, a voice of sanity-and wit-in the tradition of John Kenneth Galbraith and Joseph Stiglitz. 23 Things They Dont Tell You About Capitalism equips readers with an understanding of how global capitalism works-and doesnt. 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.

Ha-Joon Chang teaches in the Faculty of Economics at the University of Cambridge. His books include the bestselling Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism. His Kicking Away the Ladder received the 2003 Myrdal Prize, and, in 2005, Chang was awarded the Leontief Prize for Advancing the Frontiers of Economic Thought.
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23 Things They Don't Tell you About Capitalism Pt.2

23 Things They Don't Tell You about Capitalism

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To answer the how first… The book is fairly easy reading. Way 1 is for those who are not even sure what capitalism is, Way 2 for those who think politics is a waste of time, Way 3 for those who have been wondering why their lives do not seem to be getting better despite ever-rising income and ever-advancing technologies, Way 4 for those who think that some people are richer than others because they are more capable, better educated and more enterprising, Way 5 if you want to know why poor countries are poor and how they can become richer, and Way 6 if you think the world is an unfair place but there is nothing much you can do about it. Way 7 suggests you could simply read the whole thing in the order it is written. Companies should not be run in the interest of their owners. Most people in rich countries are paid more than they should be. The washing machine has changed the world more than the internet has.

Ha-Joon Chang. September Find this book:. Free market capitalism came to dominate and define world economic systems and the relative prosperity of countries in the international arena from the s. Policy makers were drawn to the view of neo-liberal economists that the most efficient and just way to organise the collective preferences of rational, self-interested individuals was through a market mechanism free from regulation. In his extremely inquiring and thought-provoking book, Ha-Joon Chang argues that it is this particular form of capitalism that is responsible for many of the economic ills pervading our globalised society.

It was published on 1 September by Penguin.
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Specifically, Thing Number 13 in this myth-busting and nicely-written collection of essays: "Making rich people richer doesn't make the rest of us richer"; and Thing Number "US managers are overpriced. Chang gives us the common-sense reason: "Little is done to check excessive and biased in the sense that failures are hardly punished executive pay packages because the managerial classes in the US and Britain have become so powerful, not least because of the fat pay cheques they have been getting over the past few decades. They have come to control the boardrooms, through interlocking directorships and manipulation of information," so that "few boards of directors question the level and the structure of executive pay. But haven't we been told that people such as Bob are the wealth- and job-creators, and therefore deserve their vast rewards? And that we thus have to cut public spending rather than tax the rich more to fix the deficit? Not so, because it doesn't work: "Since the s we have given the rich a bigger slice of our pie in the belief that they would create more wealth

If you're not happy with the way the U. With the exception of a few distinguished rightist critics like Paul Craig Roberts, a former Reagan appointee at the Treasury Department, most people who do hard-hitting across-the-board criticism of our present variety of capitalism are liberals and beyond. So if pink isn't your political color, you're pretty much stuck with narrow-bore criticism of the recent financial crisis -- most of which comes down to "people were stupid and crooked. This is one of the toughest assaults on what passes for capitalism in the U. There's plenty here to offend both Republicans Americans have no intrinsic right to be rich and Democrats immigration makes local workers poorer , but plenty to delight both, insofar as they are looking for real answers. This is a theoretically profound book, but emphatically not a book for theorists. It is thus a book for anyone who has grasped that America is being strangled by a set of myths about what capitalism is and how it works.

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