Language: English | Number of Pages: 304 | Format: Paperback | In other languages: (other languages) Dutch , Spanish , Italian , Greek , Chi traditional , German , Catalan

Isbn-10: 0141047976 | Isbn-13: 9780141047973 | Publish date: 

Also available as: Hardcover , eBook

Category: Business & Economics , Non-fiction , Social Science

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Book Description
Ha-Joon Chang's "23 Things They Don't Tell You About Capitalism" turns received economic wisdom on its head to show you how the world really works. In this revelatory book, Ha-Joon Chang destroys the biggest myths of our times and shows us an alternative view of the world, including: there's no such thing as a 'free' market Globalization isn't making the world richer; we don't live in a digital world - the washing machine has changed lives more than the internet; poor countries are more entrepreneurial than rich ones; higher paid managers don't produce better results; and we don't have to accept things as they are any longer. Ha-Joon Chang is here to show us there's a better way. "Lively, accessible and provocative ...read this book". (Sunday Times). "A witty and timely debunking of some of the biggest myths surrounding the global economy".("Observer"). "The new kid on the economics block...Chang's iconoclastic attitude has won him fans". (Independent on Sunday). "Lucid ...audacious ...increasingly influential ...will provoke physical symptoms of revulsion if you are in any way involved in high finance". ("Guardian"). "Important ...persuasive ...an engaging case for a more caring era of globalization".
("Financial Times"). "A must-read ...incisive and entertaining". ("New Statesman Books of the Year"). Ha-Joon Chang is a Reader in the Political Economy of Development at the University of Cambridge. He is author of "Kicking Away the Ladder: Development Strategy in Historical Perspective", which won the 2003 Gunnar Myrdal Prize, and "Bad Samaritans: Rich Nations", "Poor Policies" and the "Threat to the Developing World". Since the beginning of the 2008 economic crisis, he has been a regular contributor to the "Guardian", and a vocal critic of the failures of our economic system.
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    Shareholders maybe the owners of corporations but, as the most mobile of the "stakeholders", they often care the least about the long-term future of the company. Consequently, shareholders, especially ...continue

    Shareholders maybe the owners of corporations but, as the most mobile of the "stakeholders", they often care the least about the long-term future of the company. Consequently, shareholders, especially but not exclusively the smaller ones, prefer corporate strategies that maximize short-term profits, usually at the cost of long-term investments,and maximize the dividends from those profits, which even further weakens the long-term prospects of the company by reducing the amount of retained profit that can be used for re-investment. Limited liability has allowed huge progress in human productive power by enabling the amassing of huge amounts of captal, exactly because it has offered shareholders an easy exit, thereby reducing the risk involved in any investment. However, at the same time, this very ease of exit is exactly what makes the shareholders unreliable guardians of a company's long-term future.

    Poor countries are poor not because of their poor people, many of whom can out-compete their counterparts in rich countries, but because of their rich people, most of whom cannot do the same. Swedish workers are protected from competition from the workers of India and other poor countries through immigration control.

    Morality is not an optical illusion. When people act in a non-selfish way - be it not cheating their customers, working hard despite no one waching them, or resisting bribes as an underpaid public official - many, if not all, of them do so because they genuinely believe that that is the right thing to do.

    Below 8-10%, inflation has no relationship with a country's economic growth rate.

    Most of the shrinkage in the share of manufacturing in total output is not due to the fall in the absolute quantity of manufactured goods produced byt due to the fall in their prices relative to those for services, which is caused by their faster growth in productivity (output per unit of input).

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