There is a big logical jump between acknowledging the destructive nature of and arguing that the lower the rate of inflation, the better. - Ha-Joon Chang

Contrary to the conventional wisdom, the historical fact is that the rich countries did not develop on the basis of the policies and the institutions that they now recommend to, and often force upon, the developing countries. Unfortunately, this fact is little known these days because the 'official historians' of capitalism have been very successful in re-writing its history.

The pandemic has revealed that... poor people—people in marginalized communities—are more prone to contract the disease and die from it because of generally worse health, limited access to health care, and other things that define this unequal society. ...[A] positive way to respond to this is to accept that and find a way to reduce that inequality, and it is already happening in some countries. ...I'm not usually a cheerleader for my own country, South Korea... we have so many shameful world records... the highest suicide rate, the lowest fertility rate... name it, but South Korea has... managed the pandemic really well, first of all because... despite this general aversion to the welfare state, it has a very robust public health insurance. ...So anyone who had problems could... get tested and treated... This is how you manage to keep the death toll under 300, but in that country... because it controlled the health situation so well, it actually didn't go into full lockdown, but still, people were wary of going out and the biggest sufferers from this was... people... running small bars, restaurants, karaoke bars... [T]hese people were very hard hit and... I was... surprised [the country is] talking about universal employment insurance scheme. So... it doesn't matter what your job used to be... Countries are now talking about introducing that covers people who work in any type of company, self-employed people, social platform workers, people working in the . ...[I]f it happens it will be a really progressive change...

The importance of international trade for cannot be overemphasized. But free trade is not the best path to economic development. Trade helps economic development only when the country employs a mixture of protection and open trade, constantly adjusting it according to its changing needs and capabilities. Trade is simply too important for economic development to be left to free trade economists.