Free Market Capitalism

[tim114]

I just finished a book entitled "23 Things They Didn't Tell You About Capitalism," by Ha-Joon Chang. He doesn't dislike capitalism, but he does not like the form of free market capitalism as practiced here in America and elsewhere. He makes some excellent points.

Tim

 

[tampa24]

Hey Tim,

Unless you can give us the basic thesis of the book and some examples of what he refers to...there is little we can add to the conversation.

 

[balboa]

I too would appreciate more detail. Although I suspect that it will explain the path down which we're all heading in this country and the rampant greed, lack of oversight, and the blurring of the lines between politics and commerce.

 

[angelone]

I think I heard an interview on NPR about this author. It all comes down to this basic point: China has to find its own way in the business market and not imitate the US like the Japanese did after WWII. I may be stretching it a bit but I think he also implied that that also goes with democratizing China - a US model will be destructive. They got to do it on their own.

 

[tim114]

I am right of center. For those of you left of center, this book is a must read. Ha-Joun Chang points out 23 problems with our American belief in free market capitalism. At the end of the book, the author points out 8 principles he thinks we will have to keep in mind regarding our economic system.
#1: There are other models of capitalism that work better.
#2: Human rationally is limited. Think Beanie Babies and the recent housing market.
#3: We should build a system that brings out the best in people, not the worst.
#4: We should stop believing that people are paid what they deserve.
#5: We need to take "making things" more seriously.
#6: We need to strike a better balance between finace and "real" activities.
#7: Government needs to become bigger and more active.
#8: The world economic system needs to treat devolping countries differently.

Read the book, guys.

Tim