Capitalism 7 Ways to Read 23 Things They Don’t Tell You About Capitalism Ha-Joon Chang
Conclusion: How to rebuild the world economy
“Introduction: The global economy lies in tatters. While fiscal and monetary stimulus of unprecedented scale has prevented the financial melt-down of 2008 from turning into a total collapse of the global economy …
In the absence of financial reforms (March 2010), even as some people declare the end of the recession a sustained recovery is by no means certain. In the absence financial reforms, loose monetary and fiscal policies have led to new financial bubbles, while the real economy is starved of money. …
This catastrophe has ultimately been created by the free-market ideology that has ruled the world since the 1980s. …
(Greenspan admits he was wrong. GE’s Welch also admits he was wrong, corporate policies should not be based on Investor interests.
Stop assuming our common sense is inferior to the ideologically persuaded brainy economists. Common sense and some knowledge about what is really happening to us will be enough to understand 95% of economics without the math needed to manipulate economic data. Just look at what makes up our GDP reflecting our economy and who is making the money. Last year 63% of GDP was in the Financial Sector!
Ideology controls what numbers they come out than the truth as we had seen in the Bush 8 Years of disasters for the bottom 90 percent of Americans and Nirvana for the top one percent. Remember Free Markets is a political construct and varies from nation to nation. Our rich believe in the idea of what is yours is mine and what’s mine should not be taxed. The developed countries force their will on less developed ones except for China which requires both a transfer of technology and a 50 percent ownership of a profit center.
Chang points out that cut back of spending in Britain and Ireland has only depressed their economy because the economy comes from the people, not the bankers. Ireland got rid of all the safety nets for her people. Show that if the citizen don’t pay attention to politics, they can get hurt badly.
That is what has happened to America where knowledge comes in inaccurate soundbites and ingrained in our psyche with constant repetition. Yes, they are propagandizing us! Yes, we need to pay attention to politics very carefully because current and future lives of us, our children, and our future generations may grow up in a system of being poor all their lives no matter whether they went to college or not because of huge debts and poor paying jobs. Capitalism Uber Alles similar to the Nazi theme and just as destructive. Jim)
Kindle Edition:
Way 1. If you are not even sure what capitalism is, read: Things 1,2,5,8, 13, 16, 19, 20, 22
Way 2. If you think politics is a waste of time, read: Things 1, 5, 7, 12, 16, 18, 19, 21, and 23
Way 3. If you have been wondering why your life does not seem to get better despite ever-rising income and ever-advancing technologies, read: Things 2,4,6, 8, 9, 10, 17, 18, abd 22
Way 4. If you think some people are richer than others because they are more capable, better educated and more enterprising, read: Things 3, 10, 13, 14, 15, 16, 17, 20, and 21
Way 5. If you want to know why poor countries are poor and how they can become richer, read: Things 3, 6, 7, 8, 9, 10, 11, 13, 14, 15, 20, and 21
Way 6. If you think the world is an unfair place but there is nothing much you can do about it, read: Things 1, 2, 3, 4, 5, 11, 13, 14, 15, 20, and 21
Way 7. Read the whole thing in the following order …
Introduction:
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 worse 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 world
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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