image

23 Things They Don't Tell You about Capitalism

By Ha-Joon Chang

January 2011
$25.00
304 pp
5.5 x 8.25 in
Hardcover

ISBN-13: 9781608191666
ISBN-10: 1608191664

Buy Now



www.amazon.com



www.bn.com



IndieBound
Find Independent bookstores around the country.

23 Things They Don't Tell You about Capitalism

By Ha-Joon Chang

A concise blast of iconoclastic, eye-opening economic truth-telling; essential reading to understand where free market thinking falls short.

  • Thing 1: There is no such thing as free market.
  • Thing 4: The washing machine has changed the world more than the Internet.
  • Thing 5: Assume the worst about people, and you get the worst.
  • Thing 13: Making rich people richer doesn't make the rest of us richer.
  • If you've wondered how we did not see the economic collapse coming, Ha-Joon Chang knows the answer: We didn't ask what they didn't tell us about capitalism. This is a lighthearted book with a serious purpose: to question the assumptions behind the dogma and sheer hype that the dominant school of neoliberal economists-the apostles of the freemarket-have spun since the Age of Reagan.
    Chang, the author of the international bestseller Bad Samaritans, is one of the world's most respected economists, a voice of sanity-and wit-in the tradition of John Kenneth Galbraith and Joseph Stiglitz. 23 Things They Don't Tell You About Capitalism equips readers with an understanding of how global capitalism works-and doesn't. In his final chapter, "How to Rebuild the World," Chang offers a vision of how we can shape capitalism to humane ends, instead of becoming slaves of the market.
    Ha-Joon Chang teaches in the Faculty of Economics at the University of Cambridge. His books include the bestselling Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism. His Kicking Away the Ladder received the 2003 Myrdal Prize, and, in 2005, Chang was awarded the Leontief Prize for Advancing the Frontiers of Economic Thought.

    Reviews for 23 Things They Don't Tell You About Capitalism:

    “I doubt there is one book, written in response to the current economic crisis, that is as fun or easy to read as Ha-Joon Chang's 23 Things They Don't Tell you About Capitalism.” —Don Hazen, Executive Editor, AlterNet Read excerpt.

    “Chang presents an enlightening précis of modern economic thought—and all the places it’s gone wrong, urging us to act in order to completely rebuild the world economy: ‘This will [make] some readers uncomfortable…[;] it is time to get uncomfortable.’”—Publishers Weekly

    Praise from England for Ha-Joon. This one a giant endorsement on the Guardian’s editorial page

    "Think the market is rational and that business knows best? Ha-Joon Chang (Economics/Univ. of Cambridge; Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, 2007, etc.) argues otherwise. The author takes clear delight in pricking holes in a variety of received-wisdom balloons, most of them emanating from rightward-tending theorists. Take the idea, for example, that the government cannot pick a winner in the marketplace, which is why the TARP bailout and the takeover of General Motors sat so poorly with so many business types. Wrong, says Ha-Joon Chang (and the success of both efforts would seem to bear him out): Governments are obviously capable of picking winners, but the hard part is getting them to improve their averages, just as is true of private enterprise (for which he cites the dreaded example of Microsoft Vista). “The free market doesn’t exist,” he writes, shaking Economics 101 assumptions to the core. Instead, all markets are restricted by rules and regulations, and necessarily so, while governments are always involved in the market. Wages, the hallmark distinction between rich and poor nations, are politically more than economically determined. “So, when free-market economists say that a certain regulation should not be introduced because it would restrict the ‘freedom’ of a certain market,” writes the author, “they are merely expressing a political opinion that they reject the rights that are to be defended by the proposed law.” Those rights are mostly those of workers, but the author, an equal-opportunity iconoclast, also insists that in rich countries, most people are paid more than they’re worth. Only immigration controls keep the labor market from being flooded by workers from poor countries, who will accept lower rates of pay. Eminently accessible, with a clearly liberal (or at least anticonservative) bent, but with surprises along the way—for one, the thought that markets need to become less rather than more efficient.”—Kirkus Reviews