Ha-Joon Chang has a clear understanding of the realities of economics. He understands the fundamental forces and how they move and flux. I actually started thinking somewhat opposing him but no longer. I just cant argue with his logic. Danny Quah's argument was clearly a High School buddying idealogue's argument from the ethical standpoint that Communism is evil. Im American, I like my democracy but how can one argue with China's success? When i listen to Chang, I see more clearly; my understanding expands. Quah - you can hear his drivel on Fox News every night...
I just wonder how much "market" there willl be left once every household has a 3D printer, solar panels a hydro culture garden etc, and AI's like IBM's Watson do the work.
Not very impressed. He is a warmed over European Socialist of the post war era. Not even Europe and Canada follow this big Gov't model any more. All the previous mentioned countries deregulated their Economies and became more business friendly. Their GDP grew. Only Capitalist Nations, with an Emphasis on Free Markets ,has ever brought all their citizens out of abject Poverty. Ha Joon Chan will be forgotten in a few years as Capitalism recovers from the Gov't excess, that put the world into this financial crisis. Developing Nations can only develop to first world Living Standards if foreign aid is diminished and Capitalism is emphasized. For Example: after the Berlin Wall fell, East Germany was the slowest to grow. How ever, they got the most foreign aid by orders of magnitude above other freed nations. The nations that grew the fastest were economies that followed Milton Freidman's " Capitalism and Freedom" and/or "Free to Choose".
