Sunday, March 8, 2015

23 Things They Don't Tell You About Capitalism by Dr. Ha-Joon Chang

I'd like to recommend this great book. 

Here's a short summary of the topics Dr. Ha-Joon Chang covers:

Thing 1: There is no such thing as a free market
Thing 2: Companies should not be run in the interest of their owners
Thing 3: Most people in rich countries are paid more than they should be
Thing 4: The washing machine has changed the world more than the internet has
Thing 5: Assume the worst about people and you get the worst
Thing 6: Greater macroeconomic stability has not made the world economy more stable
Thing 7: Free-market policies rarely make poor countries rich
Thing 8: Capital has a nationality
Thing 9: We do not live in a post-industrial age
Thing 10: The US does not have the highest living standard in the world
Thing 11: Africa is not destined for underdevelopment
Thing 12: Governments can pick winners
Thing 13: Making rich people richer doesn’t make the rest of us richer
Thing 14: US managers are over-priced
Thing 15: People in poor countries are more entrepreneurial than people in rich countries
Thing 16: We are not smart enough to leave things to the market
Thing 17: More education in itself is not going to make a country richer
Thing 18: What is good for General Motors is not necessarily good for the United States
Thing 19: Despite the fall of communism, we are still living in planned economies
Thing 20: Equality of opportunity may not be fair
Thing 21: Big government makes people more open to change
Thing 22: Financial markets need to become less, not more, efficient
Thing 23: Good economic policy does not require good economists

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