23 things they dont tell you about capitalism

Discussion in 'Economy' started by Truthmatters, Jun 8, 2011.

  1. Truthmatters
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    23 Things They Don't Tell You About Capitalism by Ha-Joon Chang | Book review | Books | The Observer


    his 2008 book, Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, Chang – an economist himself, a specialist in the political economy of development – mocked one of the central orthodoxies of his profession: the belief that global free trade raises living standards everywhere. 23 Things They Don't Tell You About Capitalism assaults economic orthodoxy on a much larger front. Dip into this witty, iconoclastic and uncommonly commonsensical guide to the follies of economics, and, among many other things, you will learn that free market policies rarely make poor countries richer; global companies without national roots belong in the realm of myth; the US does not have the highest living standards in the world; the washing machine changed the world more than the internet; more education does not of itself make countries richer; financial markets need to become less, not more efficient; and – perhaps most shocking to Chang's colleagues – good economic policy does not require good economists. Each of Chang's 23 propositions may seem counterintuitive, even contrarian. But every one of them has a basis in fact and logic, and taken together they present a new view of capitalism.

    Chang may be our best critic of capitalism, but he is far from being any kind of anti-capitalist. He recognises the failings of centrally planned economies, and rightly describes capitalism as "the worst economic system except for all the others". At the same time he is confident that capitalism can be reformed to prevent crises like the one we have just experienced recurring. Making markets more transparent is not enough. "If we are really serious about preventing another crisis like the 2008 meltdown," Chang writes, "we should simply ban complex financial instruments, unless they can be unambiguously shown to benefit society in the long run." He is aware that he risks sounding extreme, but argues that the ban he proposes is no different from those that have been enforced on other dangerous products. "This is what we do all the time with other products – drugs, cars, electrical products and many others."
     
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  2. Mad Scientist
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    Looks like a good book. Hits on all the things I've been harping about; NAFTA, GATT, Federal Reserve, Glass-Steagall, Derivatives.
     
  3. Truthmatters
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    Then realise when people like me say they are capitalists and know that it needs to be controled and policed that we are doing nothing but being completely honest about this capitalistic system
     
  4. whitehall
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    whitehall Gold Member

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    I wish the administration would admit their socialist agenda as TM and other neo-socialists on the forum have illustrated. If radical liberals were honest it would make the electoral process so much easier but alas left wingers and neo-socialist politicians have to keep their agenda camouflaged and hope that fools on the internet convince Americans that socialism works.
     
  5. Truthmatters
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    I bet you didnt even read one word of the op huh?
     
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  6. Truthmatters
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    Go take you mindless partisan idiotry to a proper thread were only partisan laced fact adverse bullshit is tossed arround like plastic balls in a Mc donnalds play pin.
     
  7. Big Fitz
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  8. California Girl
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    The problem always arises when people read something like Chang's book and accept it as some kind of 'truth'. It isn't. It is his view. I have a lot of respect for him but some people blindly follow the words of others, simply because it sounds good.
     
  9. Oddball
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    Problem being that those are examples of over-regulated markets, not truly free market capitalist ones.
     
  10. Mad Scientist
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    No, what's being practiced is not Capitalism, it's Crony Capitalism. Like when Obama signs national healthcare into law then gives waivers to his friends.

    Again, the man writes about Bankers and Corporations taking over markets. That's not Capitalism. It would do you some good to actually read the book. Along with "It Came From Jekyll Island" about how the Federal Reserve was foisted upon us by our traitorous leaders.
     
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