Global economic competition is a game of unequal players … Consequently, it is only fair that we 'tilt the playing field' in favour of the weaker cou… - Ha-Joon Chang

Markets have a strong tendency to reinforce the status quo. The free market dictates that countries stick to what they are already good at. Stated bluntly, this means that poor countries are supposed to continue with their current engagement in low-productivity activities. But their engagement in those activities is exactly what makes them poor. If they want to leave poverty behind, they have to defy the market and do the more difficult things that bring them higher incomes—there are no two ways about it.

Finally we have to rethink the production system, the global supply chain, partly because of this pandemic but... no one thinks that this will be the only disease that is going to hit human society. A lot of us agree that increasing acceleration of will create many other crises... extreme weather events and so on... but who knows what other crises are in store, so we need to rebuild the system to have more... resilience and robustness... Just think about airplanes, oil tankers... they can produce disastrous outcomes if something doesn't work. All these systems, including... electricity... have ways to absorb, isolate shocks and quickly bring backups [etc.]... and the economy will also have to be redesigned in that kind of way.

Financial markets need to become less, not more, efficient.