23 Things They Don't Tell You About Capitalism
By Ha-Joon Chang
Allen Lane, 2010.
Summary of 23 Things They Don't Tell You About Capitalism book by Ha-Joon Chang
A straight-to-the-point critique of free-market capitalism that debunks twenty-three myths about the economy, showing how these commonly held misperceptions are not only misguided but often harmful to society as a whole, perpetuating inequality around the world.
Chapters in 23 Things They Don't Tell You About Capitalism book summary
What do you get from this book? A new understanding of the faulty assumptions underlying free-market capitalism
The free-market ideology has dominated economic thought since the 1980s, but there is no such thing as a free market
Short-term profits shouldn’t be prioritized and people aren’t paid fairly across the global economy
The internet isn’t economically ground-breaking, people aren’t always selfish, and controlling inflation hasn’t brought economic stability
Free-market policies don’t accomplish what they promise to and transnational corporations aren’t really that transnational
Industry is still economically important, standard of living statistics can be deceiving, and Africa doesn’t have to be underdeveloped
Governments can successfully shape industries, trickle-down economics doesn’t work, and American managers make too much
There are many entrepreneurs in poor countries, people often act irrationally, and more education by itself won’t boost economic growth
What benefits the corporate sector doesn’t always help the economy, state planning can improve economies, and equal opportunities aren’t enough
Welfare states help their citizens take risks and adapt to change, and financial markets are moving too fast
The economic system must be changed, and economists aren’t necessarily the ones who should do it
Summary of the key insights
Selected critiques in brief
Final word
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23 Things They Don't Tell You About Capitalism — Book Summary Snapshot
Who should read 23 Things They Don't Tell You About Capitalism book
- College students
- entrepreneurs and business owners
- anyone who wants to understand the global economy better
- activists and those fighting against inequality
About the author of 23 Things They Don't Tell You About Capitalism
Ha-Joon Chang
South Korean economist Ha-Joon Chang is a best-selling author with a PhD in economics from Harvard University and an outspoken critic of free-market capitalism. He has also worked as a World Bank consultant and been an advisor to the Asian Development Bank and the European Investment Bank. Chang was recognized as one of Prospect’s top 20 World Thinkers in 2013.
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