I have a six-year-old son. His name is Jin-Gyu. He lives off me, yet he is quite capable of making a living. I pay for his lodging, food, education a… - Ha-Joon Chang

[A] lot of developing countries are dependent on primary commodities, and especially those that are dependent on oil have been devastated because oil demand has collapsed as a result of the pandemic. ...[I]t is important for developing countries to diversify... production structure to avoid this... Easier said than done... Ecuador, under Rafael Correa, tried for about 10 years to shift the production structure. The pull of the oil was so strong that by the end of his term, it was a bit lower, but the dependence was still very high. ...[I]n the next few years, because of the pandemic... primary commodities... (material products) might actually become more important in relative terms... [T]he overall level of demand will be lower... but... in relative terms, at least, primary commodities are going to fare better than... services. The point... is... what happens in the long run will really depend on what you do with the income that you earn from primary commodities. ...[L]uckily a lot of countries have been thinking about industrializing using more active ... so something might happen in some countries and... some... are already doing... very impressive things... Ethiopia has converted a lot of its garment making facilities—basically investments from east Asia: South Korea, China, Taiwan—into factories producing [medical] personal protection equipment... [I]t has converted... passenger jet planes into cargo planes and is doing more cargo business.

[H]ow do we rebuild society? ...My answers ...have ...been contained in my analysis of the crisis.

Inflation is bad for growth—this has become one of the most widely accepted economic nostrums of our age. But see how you feel about it after digesting the following piece of information.
During the 1960s and the 1970s, Brazil's average inflation rate was 42% a year. Despite this, Brazil was one of the fastest growing economies in the world for those two decades—its per capita income grew at 4.5% a year during this period. In contrast, between 1996 and 2005, during which time Brazil embraced the neo-liberal orthodoxy, especially in relation to macroeconomic policy, its inflation rate averaged a much lower 7.1% a year. But during this period, per capita income in Brazil grew at only 1.3% a year.
If you are not entirely persuaded by the Brazilian case—understandable, given that hyperinflation went side by side with low growth in the 1980s and the early 1990s—how about this? During its 'miracle' years, when its economy was growing at 7% a year in per capita terms, Korea had inflation rates close to 20%-17.4% in the 1960s and 19.8% in the 1970s. These were rates higher than those found in several Latin American countries ... Are you still convinced that inflation is incompatible with economic success?