Overall I thing Chang was successful in offering up an alternative viewpoint to the free-market capitalism rhetoric that is prominent in certain circles. However I find some of the arguments presented very thin and I do believe that Chang picks and chooses historical perspective when it suits his argument. I also believe that he does over-simplify many arguments for the his opposition. With that said, in other respects he does present data and case studies that suggest that the "free-market" policies should be more scrutinized and not taken as common sense.
The author's focus is on the problems free trade has caused in the world's markets. I have not read his first book, Bad Samaritans, but I will now based on what I learned from this book.
An excellent introduction for someone with no background in economics. Yet, so one-sided it's not even funny. Feels like only half the story.
I love the fact that I can listen to a capitalist who can distinguish between reality (humans are not necessarily rational and the market will not necessarily create the best outcomes if left alone) and fantasy (free markets are the ultimate moral force). I now have a much clearer understanding of where the economy has gone wrong, and what can be done about it. Excellent!
Again loving to experience books in a new way. Audible form with my handy ipod has given me the ability to "read"
Appreciated the easy not overtly technical way Ha-Joon Chang laid out points on how USA have interpreted capitalism through domino choices. I walked away thinking Capitalism equals Politics whether that nature of leadership is in government or business with each describing and acquiring their own piece of the pie.
Each thing was well explained and seemed uncomfortably factual. The first thing "there is no such thing as a free market" is like "fat-free" there is no such thing as free. Thing 4 "the washing machine has changed the world more than the Internet" helped me understand the efficiency and liberation of what inventiveness has and has not done for our political system. And especially right now, I totally agreed with thing 13 "making rich people richer doesn't make the rest of us richer" - there is no such thing has trickle down in a broad and lasting sense. Hence the 99% vs 1% protests. Thing 15 " People in poor countries are more entrepeneurial than people in rich countries" is just like a kid (adult or young) clamoring to be bored while having way too many toys in the box with the lack of motivation to master anyone of them. The gulp and contrary thought I had was on thing 22 with financial markets need to become less, not more, efficient".
Chang's views seem arrestingly accurate and yet the reforms seem extremely far reaching with today's leadership. This easy to listen to book is for the "common day" person who is actually trying to understand how the USA is quivering and crumbling each day for a extremely high percentage of people.
Our recent financial meltdown provided a truly dramatic, frightening, undeniable refutation of every single free market verity that has dominated Western thinking since Thatcher and Reagan. It was as if a gigantic mask slipped for a moment. In the event, when all the economic theories proved false, when we learned that our grotesquely overpaid bankers and CEOs have actually been destroying value not building it, what happened?
They simply grabbed the money anyway. The Bush administration simply violated its own proclaimed ideology, pushed aside legal rules and constitutional niceties, and handed the plutocrats billions in taxpayer funds. It was not just socialism for the rich. It was more like the rich carrying out a brutal smash and grab job on a mammoth scale.
Since that ugly crime, has free market ideology lost ground in the United States? Hardly. It has only lost its mind. As GOP dissents on the financial crisis report show, Marketism has evolved into a blind, violent fundamentalism complete with a rising cadre of political goons.
Don't worry, Ha-Joon Chan isn't quite as virulent as I am. He is no fire breathing leftist. I liked this last book "Bad Samaritans" well enough to try this one, and found it an ideal primer on the economic (actually, political) myths that keep our system hurtling towards its next crisis. He takes 23 things you are likely to hear every free market ideologue (and most Americans) utter with confidence, and provides compelling rational and historical refutations.
And nice tidbits. Did you know, for example, that Marx was actually a bigger fan of the joint stock corporation than was Adam Smith? The brief, thematic chapters and a good reading make this an ideal economics book for the audio format. It is pitched at the average reader, but even those with some background will learn a thing or two.
Should be required reading for Marketism's brainwashed masses. If you are among them, be brave, read it and think.
If the author didn't hide behind his understanding of the issue in order to promote his agenda. There are brief snippets that we see the author stating that we do not have capitalism, but rather than addressing that fact he is constantly setting up strawmen in order to push a story. His interpretation of history like his definition of capitalism is questionable, but he never stops to discuss, each section is a sprint in order to get to the point he can shout about how bad free exchange is. Nothing new, interesting, or true here.
I am brutally honest. Popular, love everything they read, reviewers are scared to go neg. and risk their ranking. It's your money!!!
I support the free market and capitalism, but nothing is perfect, so I bought this book to see how it could be better. What I got was some unsubstantial arguments and a feeling of who cares.
He starts out by saying we have no free market because we have laws such as you can not make cars that pollute. I understood this, but thought he was being pretty picky. This then was the foundation for much of the rest of what I listened to. He was as bad as Rush Limbaugh when it comes to cherry picking his arguments and putting words into those who disagree.
I was educated in that I learned that large corporations that just try to make money for their share holders helped bring down manufacturing. I agreed, but did not see what I could do about this.
Several of his things left me thinking, And I care Why?
Unless your a socialist who likes listening to someone who thinks like you, I believe this to be a waste of your time.
As someone who grew up in communist Eastern Europe and now lives in the ultimate capitalistic state (the US), I thoroughly enjoyed "reading" this fascinating breakdown of the balance between free capitalism and help/control from the government. It opened my eyes to many things I never knew about how countries don't necessarily do as they preach and a lot of the "advice" to weaker economies is contrary to what is needed for genuine improvement.
I get a high from learning new things and seeing the world in a different light. Books do that for me and audio books fit my daily routine.
I enjoyed the way this book turned many of my previously held assumptions or beliefs up-side-down. The author clearly skewers the economic policies of the free marketeers by demonstrating the flaws in their logic, the important factors they failed to consider, and by presenting the evidence that counters their flawed theories. Everyone interested in the politics and the economy should give this a listen.