23 Things They Don't Tell You About Capitalism

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Capitalism rules, but it’s not without faults, says Cambridge University’s Professor Ha-Joon Chang.Chang listed 23 Things They Don’t Tell You About Capitalism, in a presentation last night at the London School of Economics.

Chang, a critic of free trade, says the government needs to take a bigger role in the economy, though that role varies depending on the country. He sees theoretical economics as a flawed lens, calling for a more pragmatic approaches.

We don’t have the full reasoning for each of Professor Chang’s arguments, but his points are still worth highlighting.

#1 There is really no such thing as a free market.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#2 Companies should not be run in the interest of their owners.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#3 Most people in rich countries get paid more than they should.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#4 The washing machine has changed the world more than the internet.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#5 Assume the worst about people, and you get the worst.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#6 Greater macroeconomic stability has not made the world economy more stable.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#7 Free-market policies rarely make poor countries richer.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#8 Capital has a nationality.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#9 We do not live in a post-industrial age.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#10 The US does not have the highest living standard in the world.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#11 Africa is not destined for under-development.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#12 Government can pick winners.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#13 Making rich people richer doesn't make the rest of us richer.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#14 US managers are over-priced.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#15 People in poor countries are more entrepreneurial than people in rich countries.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#16 We are not smart enough to leave things to the market.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#17 More education in itself is not going to make a country richer.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#18 What is good for the General Motors is not necessarily good for the US.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#19 Despite the fall of Communism, we are still living in planned economies.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#20 Equality of opportunities is unequal.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#21 Big government makes people more, not less, open to changes.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#22 Financial markets need to become less, not more, efficient.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

#23 Good economic policy does not require good economists.

Source: Professor Ha-Joon Chang's presentation on his book 23 Things They Don't Tell You About Capitalism

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