23 Things We ARE Telling You About Capitalism

Description

Ha-Joon Chang’s ‘23 Things’ refuted Introduction 5 Chang’s 23 ‘Things’ Refuted 1) “There is no such thing as a free market” 9 2) “Companies should not be run in the interests of shareholders” 13 3) “People are not paid more through individual productivity” 17 4) “The washing machine has changed the world more than the internet has” 21 5) “Market economists claim that everyone is greedy” 25 6) “Inflation is not so bad” 29 7) “There should be protectionism in places seeking economic growth” 33 8) “We should direct inward foreign investment to where it is needed” 37 9) “We should boost manufacturing” 41 10) “It is a myth that capitalist Americans are richer than others” 45 11) “Planning, not markets, produced growth in Africa” 49 12) “Governments can pick winners” 53 13) “Helping the rich to become richer does not help the poor to become richer” 57 14) “American executives are paid far too much, and this is wrong” 61 15) “People in poor countries are not entrepreneurial” 65 16) “We need government because people are not always rational” 69 17) “Extending access to higher education is misguided” 73 18) “Regulation can benefit business so we should not oppose it” 77 19) “Central planning is useful to achieve economic growth” 81 20) “We should pursue equality of outcome, not just of opportunity” 85 21) “Larger governments increase economic flexibility” 89 22) ‘Finance should be slowed down” 93 23) “We do not need economists to be able to run a decent economy” 97