Monday, September 13, 2010

23 untold things about capitalism

Here is Ha-Joon Chang's list from his new book 23 things they don’t tell you about capitalism’ (book review here). It will surprise you! I am looking forward to reading this book very soon. Chang has been an outspoken critic of free market and advocates greater government role and industrial policy.

23 Things they don’t tell you about Capitalism
Thing One. There is really no such thing as a free market.
Thing Two. Companies should not be run in the interest of their owners.
Thing Three. Most people in rich countries get paid more than they should.
Thing Four. The washing machine has changed the world more than the internet.
Thing Five. Assume the worst about people, and you get the worst.
Thing Six. Greater macroeconomic stability has not made the world economy more stable.
Thing Seven. Free-market policies rarely make poor countries richer.
Thing Eight. Capital has a nationality.
Thing Nine. We do not live in a post-industrial age.
Thing Ten. The US does not have the highest living standard in the world.
Thing Eleven. Africa is not destined for under-development.
Thing Twelve. Government can pick winners.
Thing Thirteen. Making rich people richer doesn’t make the rest of us richer.
Thing Fourteen. US managers are over-priced.
Thing Fifteen. People in poor countries are more entrepreneurial than people in rich countries.
Thing Sixteen. We are not smart enough to leave things to the market.
Thing Seventeen. More education in itself is not going to make a country richer.
Thing Eighteen. What is good for the General Motors is not necessarily good for the United States.
Thing Nineteen. Despite the fall of Communism, we are still living in planned economies.
Thing Twenty. Equality of opportunities is unequal.
Thing Twenty-one. Big government makes people more, not less, open to changes.
Thing Twenty-two. Financial markets need to become less, not more, efficient.
Thing Twenty-three. Good economic policy does not require good economists.