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<nowiki>[</nowiki>Capitalism...] [I]t's not how it will change, but how we have to change it... because given the existing , and power, unless the or… - Ha-Joon Chang
" "<nowiki>[</nowiki>Capitalism...] [I]t's not how it will change, but how we have to change it... because given the existing , and power, unless the ordinary citizens and the progressive people get organized and press the governments, they are not going to change things automatically. ...We've seen that after the 2008 financial crisis... so for about... 9 months they embraced Keynes... and then the bailed out banks [etc]... and they were going to reform the financial system... After 2 years it was... back to the old game... and then things got even worse because... in some countries like the US and the UK... the right-wing governments were elected, and then... in the US... Donald Trump... invalidated many of the reforms that were introduced to the financial market, after Obama, after the crisis... [I]f we don't keep fighting it's not going to change... [T]here are new opportunities and new solidarities emerging... new ways of thinking, but... how they all will gel together and translate into collective action, public policies, institutional changes, that's... up to us. Everyone.
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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
Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it.
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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 countries. In practice, this means allowing them to protect and subsidize their producers more vigorously and to put stricter regulations on foreign investment. These countries should also be allowed to protect intellectual property rights less stringently so that they can more actively 'borrow' ideas from more advanced countries.
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