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23 Things They Don’t Tell You About Capitalism

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23 Things They Don’t Tell You About Capitalism

  1. 1. Department of International Development public lecture23 Things They Dont Tell You About CapitalismProfessor Ha-Joon ChangCambridge University & Author of ‘23 Things They Dont Tell You About Capitalism’Professor Robert WadeChair, LSE
  2. 2. “There is no such thing as a free market.”“Companies should not be run in the interest of their owners.”
  3. 3. Thing 3: Most people in rich countries are paid more than they should be.
  4. 4. More ‘Things’• Thing 19: Despite the fall of Communism, we are still living in planned economies.• Thing 4: The washing machine has changed the world more than the internet has.• Thing 13: Making rich people richer doesn’t make the rest of us richer.• Thing 22: Financial markets need to become less, not more, efficient.• Thing 20: Equality of opportunity may not be fair.• Thing 16: We are not smart enough to leave things to the market.• Thing 23: Good economic policy does not require good economists.• Thing 15: People in poor countries are more entrepreneurial than people in rich countries.
  5. 5. Thing 13: Making rich people richer doesn’t make the rest of us richer.Yevgeni Preobrazhensky Josef Stalin David Ricardo
  6. 6. Thing 15: People in poor countries aremore entrepreneurial than people in rich countries.
  7. 7. Who are the entrepreneurs? – Proportion of self-employed peopleRich countries Poor countries• Average: 12.8% • Average: 30-50%• Norway: 6.7% • Ghana: 66.9%• US: 7.5% • Bangladesh: 75.4%• France: 8.6% (so, • Benin: 88.7% Dubya’s comment was a classic case of the pot • Rich/Poor ratio: 2-4 calling the kettle black) • Bangladesh/US ratio: 10 • Norway/Benin ratio: 13
  8. 8. Thing One. There is really no such thing as a free market.Thing Two. Companies should not be run in the interest of their owners.Thing Three. Most people in rich countries get paid more than they should.Thing Four. The washing machine has changed the world more than the internet.Thing Five. Assume the worst about people, and you get the worst.Thing Six. Greater macroeconomic stability has not made the world economy more stable.Thing Seven. Free-market policies rarely make poor countries richer.Thing Eight. Capital has a nationality.Thing Nine. We do not live in a post-industrial age.Thing Ten. The US does not have the highest living standard in the world.Thing Eleven. Africa is not destined for under-development.Thing Twelve. Government can pick winners.Thing Thirteen. Making rich people richer doesn’t make the rest of us richer.Thing Fourteen. US managers are over-priced.Thing Fifteen. People in poor countries are more entrepreneurial than people in rich countries.Thing Sixteen. We are not smart enough to leave things to the market.Thing Seventeen. More education in itself is not going to make a country richer.Thing Eighteen. What is good for the General Motors is not necessarily good for the US.Thing Nineteen. Despite the fall of Communism, we are still living in planned economies.Thing Twenty. Equality of opportunities is unequal.Thing Twenty-one. Big government makes people more, not less, open to changes.Thing Twenty-two. Financial markets need to become less, not more, efficient.Thing Twenty-three. Good economic policy does not require good economists.
  9. 9. More informationUniversity website: Go to www.econ.cam.ac.uk and look under ‘People’Personal website: www.hajoonchang.netE-mail: hjc1001@cam.ac.uk
  10. 10. Department of International Development public lecture23 Things They Dont Tell You About CapitalismProfessor Ha-Joon ChangAuthor, Professor, Cambridge UniversityProfessor Robert WadeChair, LSE
  11. 11. 『23 Things they dont tell you about capitalism』, 2010 • Author : Ha-Joon Chang • Classification : Social sciences > Economics • Published in UK 『그들이 말하지 않는 23가지 』, 2010 • 저자 : 장하준 • 분류 : 사회과학 > 경제학 >경제정책DM Lee November 2011 http://bookpiri.wordpress.com
  12. 12. Thing 1. 자유 시장이라는 것은 없다Thing 2. 기업은 소유주 이익을 위해 경영되면 앆 된다Thing 3. 잘사는 나라에서는 하는 읷에 비해 임금을 많이 받는다Thing 4. 읶터넷보다 세탁기가 세상을 더 많이 바꿨다Thing 5. 최악을 예상하면 최악의 결과가 나온다Thing 6. 거시 경제의 앆정은 세계 경제의 앆정으로 이어지지 않았다Thing 7. 자유 시장 정책으로 부자가 된 나라는 거의 없다Thing 8. 자본에도 국적은 있다Thing 9. 우리는 탈 산업화 시대에 살고 있는 것이 아니다Thing 10. 미국은 세계에서 가장 잘사는 나라가 아니다Thing 11. 아프리카의 저개발은 숙명이 아니다Thing 12. 정부도 유망주를 고를 수 있다Thing 13. 부자를 더 부자로 만든다고 우리 모두 부자가 되는 것은 아니다Thing 14. 미국 경영자들은 보수를 너무 많이 받는다Thing 15. 가난핚 나라 사람들이 부자 나라 사람들보다 기업가 정신이 더 투철하다Thing 16. 우리는 모든 것을 시장에 맡겨도 될 정도로 영리하지 못하다Thing 17. 교육을 더 시킨다고 나라가 더 잘살게 되는 것은 아니다Thing 18. GM에 좋은 것이 항상 미국에도 좋은 것은 아니다Thing 19. 우리는 여젂히 계획 경제 속에서 살고 있다Thing 20. 기회의 균등이 항상 공평핚 것은 아니다Thing 21. 큰 정부는 사람들이 변화를 더 쉽게 받아들이도록 만든다Thing 22. 금융 시장은 보다 덜 효율적읷 필요가 있다Thing 23. 좋은 경제 정책을 세우는 데 좋은 경제학자가 필요핚 건 아니다

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