By Ha-Joon Chang

ISBN-10: 1596915986

ISBN-13: 9781596915985

“Lucid, deeply educated, and enlivened with extraordinary illustrations, this penetrating examine can be entitled ‘Economics within the actual World.’ Chang unearths the yawning hole among common doctrines relating financial improvement and what relatively has taken position from the origins of the economic revolution till at the present time. His incisive research exhibits how, and why, prescriptions in response to reigning doctrines have brought on critical damage, really to the main susceptible and defenseless, and are inclined to proceed to do so.”—Noam Chomsky

Using irreverent wit, an engagingly own type, and a battery of examples, Chang blasts holes within the “World I s Flat” orthodoxy of T homas Friedman and different liberal economists who argue that in simple terms unfettered capitalism and wide-open overseas exchange can elevate suffering international locations out of poverty. to the contrary, Chang exhibits, today’s financial superpowers—from the U .S. to Britain to his local Korea—all attained prosperity by means of shameless protectionism and govt intervention in undefined. we now have comfortably forgotten this truth, telling ourselves a fairy story in regards to the magic of unfastened exchange and—via our proxies equivalent to the area financial institution, I nternational financial Fund, and international T rade Organization—ramming rules that swimsuit ourselves down the throat of the constructing international.

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Additional resources for Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

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Help the Korean economy, Koreans and others saw this . . [28] This was said not by some anti-capitalist anarchist but by Martin Feldstein, the conservative Harvard economist who was the key economic advisor to Ronald Reagan in the 1980s. The I M F -World Bank mission creep, combined with the abuse of conditionali17 Chapter 1 THE LEXUS AND THE OLIVE TREE REVISITED ties by the Bad Samaritan nations, is particularly unacceptable when the policies of the Bretton Woods Institutions have produced slower growth, more unequal income distribution and greater economic instability in most developing countries, as I pointed out earlier in this chapter.

Most importantly, in 1995 the G A T T was upgraded to the World Trade Organization ( W T O ), a powerful agency pushing for liberalization not just in trade but also in other areas, like foreign investment regulation and intellectual property rights. The W T O now forms the core of the global economic governance system, together with the I M F (International Monetary Fund) —in charge of access to short-term finance— and the World ∗ The idea behind import substitution industrialization is that a backward country starts producing industrial products that it used to import, thereby ‘substituting’ imported industrial products with domestically produced equivalents.

This has made openness an even more crucial determinant of a country’s prosperity than before. Reflecting the deepening global economic integration, the global governance system has recently been strengthened. Most importantly, in 1995 the G A T T was upgraded to the World Trade Organization ( W T O ), a powerful agency pushing for liberalization not just in trade but also in other areas, like foreign investment regulation and intellectual property rights. The W T O now forms the core of the global economic governance system, together with the I M F (International Monetary Fund) —in charge of access to short-term finance— and the World ∗ The idea behind import substitution industrialization is that a backward country starts producing industrial products that it used to import, thereby ‘substituting’ imported industrial products with domestically produced equivalents.

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Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism by Ha-Joon Chang


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