[W]e are talking about a huge crisis... It's been all encompassing because in other crises usually there's one bit of the economy that goes wrong... … - Ha-Joon Chang

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[W]e are talking about a huge crisis... It's been all encompassing because in other crises usually there's one bit of the economy that goes wrong... Oil prices go up, collapses and so on, but this time... it's everything. It's about demand... production... the financial market... global supply chain... [A]s a result... the changes that we had to make... the kind of policies that governments have introduced to deal with this have been very very different and comprehensive compared to previous comparable crises.

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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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There are concerns that the s that have been built in the last few decades of globalization have become too concentrated, so if something goes wrong in one place, the whole chain is affected... It was already happening, but now.... people are saying... we need to do something about it.

[E]very responsible citizen needs to learn some economics... such... that one becomes aware of the different types of... arguments... and... judge which... makes most sense in a given... circumstance... in light of... moral values and political goals...

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This means that... there is a general fall in demand, so the level of activities in every sector is lower, but this means that in relative terms, sectors that produce multiple goods are likely to expand, partly because it's easier to maintain the level of production in those sectors, but also because when people do not spend money on these face-to-face services, they will spend money on other things... There's already a sign that the demand for goods... is rising, so... there will be a shift from services to manufacturing and agriculture in the coming years.

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