Sunday, November 4, 2012

Ha-Jung Chang: Things They Don't Tell You About Capitalism

http://www.amazon.com/Things-They-Dont-About-Capitalism/dp/1608193381/ref=la_B001HOFPKS_1_1?ie=UTF8&qid=1352046617&sr=1-1

I like this idea: Become "active economic citizens": learn the basic principles of how capitalist economies work and force your representatives in government to present their policy decisions with reason and science. Principle 1: There are no "free markets": Government is ALWAYS involved.


  • In 1819 "free market" advocates howled that the British Parliament would attempt to regulate the "freedom of contract" between children and cotton factory owners. The legislation ATTEMPTED to ban the employment of children under 9 years of age and restrict the work hours of children between the ages of ten and sixteen to twelve hours a day. The legislation did not pass..."If some markets LOOK free, it is only because we so totally accept the regulations that are propping them up that they become invisible." p.2
  •  "I personally think that society is responsible for a very significant percentage of what I've earned. If you stick me down in the middle of Bangladesh or Peru or someplace, you'll find out how much this talent is going go produce in the wrong kind of soil. I will be struggling 30 years later. I work in a market system that happens to reward what I do very well--disproportionately well". Warren Buffet p. 30

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