By Ha-Joon Chang
A emerging younger megastar within the box of economics assaults the free-trade orthodoxy of The global Is Flat head-on—a crisp, contrarian heritage of worldwide capitalism.
One economist has referred to as Ha-Joon Chang “the most fun philosopher our career has grew to become out some time past fifteen years.” With undesirable Samaritans, this provocative student bursts into the talk on globalization and monetary justice. utilizing irreverent wit, an engagingly own kind, and a battery of examples, Chang blasts holes within the “World Is Flat” orthodoxy of Thomas Friedman and different liberal economists who argue that basically unfettered capitalism and wide-open foreign alternate can elevate suffering countries out of poverty. to the contrary, Chang indicates, today’s financial superpowers—from the U.S. to Britain to his local Korea—all attained prosperity by way of shameless protectionism and executive intervention in undefined. we've got very easily forgotten this truth, telling ourselves a fairy story in regards to the magic of loose exchange and—via our proxies reminiscent of the realm financial institution, foreign financial Fund, and international alternate Organization—ramming guidelines that go well with ourselves down the throat of the constructing world. Unlike common economists who build versions of ways should paintings, Chang examines the prior: what has really occurred. His pungently contrarian heritage demolishes one pillar after one other of free-market mythology. We deal with patents and copyrights as sacrosanct—but built our personal industries via studiously copying others’ applied sciences. We insist that centrally deliberate economies stifle growth—but many constructing nations had larger GDP progress ahead of they have been burdened into deregulating their economies. either justice and customary feel, Chang argues, call for that we reevaluate the guidelines we strength on international locations which are suffering to stick to in our footsteps.
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Extra info for Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism
A. Reaganomics and Thatcherism: supply-side and monetarist neoliberalism Neoliberalism 6. Ronald Wilson Reagan (1911–2004), 40th President of the United States of America (1981–9) derided by opponents in his own party as ‘Voodoo Economics’. Proclaiming to combat the toxic mixture of stagﬂation and high unemployment inherited from the Carter years, Reaganomics focused, ﬁrst and foremost, on reducing marginal tax rates. But the President was no less determined to tackle deﬁcit spending and existing government regulations.
A crucial theoretical component of supply-side economics, the ‘Laffer Curve’ is a graphical illustration of the thesis that increases in taxation rates will not always lead to an increase in taxation revenue. As tax rates approach 100%, the curve suggests, revenue will drop as citizens will have no incentive to work harder. Supply-siders show a single-minded commitment to reducing taxes on private income. Relying on the Laffer Curve, they argue that new economic growth produced by Neoliberalism added investment will automatically generate sufﬁciently large tax revenue surpluses.
In short, monetary policies should take precedence over ﬁscal policy (taxation and redistribution policies) devised by ‘big government’. Neoliberalism 5. Milton Friedman (1912–2006) 18 As we shall see in ensuing chapters, neoliberalism soon spread to other parts of the world – often by means of so-called ‘shock therapies’ devised by prominent neoliberal economists. Examples include Chile after General Augusto Pinochet’s 1973 CIAsupported coup, the economic transformation of formerly communist Eastern Europe, and post-Apartheid South Africa.
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism by Ha-Joon Chang