What are the main arguments put forward in Ha Joon Chang's 23 things they don't teach you about capitalism?
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Last updated 4 Feb 2023
Ha Joon Chang's "23 Things They Don't Teach You About Capitalism" is a book that critiques mainstream economics and challenges many of the assumptions and beliefs commonly held about capitalism.
Here are some of the main arguments put forward in the book:
- Capitalism is not natural or eternal, but is a historical and social construct that has evolved over time.
- The idea that markets are self-regulating is a myth, and the role of government in regulating markets is critical to maintaining stability and promoting economic growth.
- Free trade is not always beneficial, and protectionist policies can be necessary in some cases to promote economic development.
- The notion that globalization and multinational corporations are necessarily good for economic growth and development is not supported by the evidence.
- The idea that there is a trade-off between efficiency and fairness is a false dichotomy, and it is possible to have both.
- The belief that financial markets are rational and efficient is misguided, and the recent financial crisis is evidence of the dangers of unchecked financial speculation.
- The notion that the welfare state is a burden on the economy is a myth, and social safety nets play an important role in promoting economic stability and reducing poverty.
- The belief that economic growth is the only indicator of progress is a narrow and limited perspective, and other measures, such as well-being, happiness, and environmental sustainability, should also be taken into account.
These are some of the main arguments put forward in "23 Things They Don't Teach You About Capitalism." The book provides a critical and alternative perspective on capitalism and its impact on the economy and society, and challenges many of the conventional wisdom and assumptions about economics and capitalism.