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[N]ow the UK government is... paying 80% of salaries of millions of workers, although this is supposed to wind down over time. ...[T]he German govern… - Ha-Joon Chang
" "[N]ow the UK government is... paying 80% of salaries of millions of workers, although this is supposed to wind down over time. ...[T]he German government ...so famous for , basically abolished this law that put the ceiling on public debt because... the German government realized that they... cannot manage this... in compliance with that law... Many governments are... subsidizing, and lending at subsidized interest rates... [to] many many companies. Some governments are talking about issuing [s] with the negative interest rate... Every conventional wisdom in the neoliberal playbook has been... destroyed.
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About Ha-Joon Chang
(Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in . Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002). In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.
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Additional quotes by Ha-Joon Chang
The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies – not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the through this backdoor rewriting of the social contract.
[F]inally, linking that into the reorganization of the ... [I]n many cases, unless the crisis really persists for 3, 4, 5 years... as soon as things become okay people will just say "Well, let's forget about it because reorganizing the value chain requires investment, hard work... Let's just go back to the old ways." So it's not certain... that... reorganization will happen, and even if it...[does], it will happen only in limited areas... [E]ven if the US wants to bring all the lost manufacturing production in... key sectors back home, it cannot do it. ...[T]hey don't have the supply network. They don't have the correct infrastructure. They don't have the necessary supply of technicians. ...[E]ven if it wanted, Apple cannot bring factories in China to California to make the s.
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