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23 Things They Don't Tell You About Capitalism Paperback – January 17, 2012


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23 Things They Don't Tell You About Capitalism + Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism + Capital in the Twenty-First Century
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Product Details

  • Paperback: 304 pages
  • Publisher: Bloomsbury Press; Reprint edition (January 17, 2012)
  • Language: English
  • ISBN-10: 1608193381
  • ISBN-13: 978-1608193387
  • Product Dimensions: 8.2 x 5.6 x 0.8 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (111 customer reviews)
  • Amazon Best Sellers Rank: #24,747 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

Chang (Bad Samaritans) takes on the "free-market ideologues," the stentorian voices in economic thought and, in his analysis, the engineers of the recent financial catastrophe. Free market orthodoxy has inserted its tenterhooks into almost every economy in the world--over the past three decades, most countries have privatized state-owned industrial and financial firms, deregulated finance and industry, liberalized international trade and investments, and reduced income taxes and welfare payments. But these policies have unleashed bubbles and ever increasing income disparity. How can we dig ourselves out? By examining the many myths in the narrative of free-market liberalism, crucially that the name is itself a misnomer: there is nothing "free" about a market where wages are largely politically determined; that greater macroeconomic stability has not made the world economy more stable; and a more educated population itself won't make a country richer. An advocate of big, active government and capitalism as distinct from a free market, Chang presents an enlightening précis of modern economic thought--and all the places it's gone wrong, urging us to act in order to completely rebuild the world economy: "This will some readers uncomfortable... it is time to get uncomfortable." (Jan.) (c)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.

Review

“Chang, befitting his position as an economics professor at Cambridge University, is engagingly thoughtful and opinionated at a much lower decibel level. ‘The “truths” peddled by free-market ideologues are based on lazy assumptions and blinkered visions,’ he charges.”Time

“Chang presents an enlightening précis of modern economic thought—and all the places it’s gone wrong, urging us to act in order to completely rebuild the world economy: ‘This will [make] some readers uncomfortable…[;] it is time to get uncomfortable.’”—Publishers Weekly

“Myth-busting and nicely-written collection of essays”—Independent (UK)

“Shaking Economics 101 assumptions to the core … Eminently accessible, with a clearly liberal (or at least anticonservative) bent, but with surprises along the way—for one, the thought that markets need to become less rather than more efficient.”Kirkus Reviews

“For anyone who wants to understand capitalism not as economists or politicians have pictured it but as it actually operates, this book will be invaluable.”—John Gray, Observer (UK)

“A lively, accessible and provocative book.”Sunday Times (UK)

“For 40 years, I have worked as a journalist and trained thousands of other journalists from my former perches as a University of Missouri Journalism School professor and as executive director of Investigative Reporters and Editors. I have written newspaper articles, magazine features and entire books with heavy doses of economics policy and business behavior. I wish the book 23 Things They Don’t Tell You About Capitalism had been available when I was a rookie; I would have been more alert to the hands-off-business catechism by which Americans are relentlessly indoctrinated.”—Steven Weinberg, Remapping Debate

“I doubt there is one book, written in response to the current economic crisis, that is as fun or easy to read as Ha-Joon Chang's 23 Things They Don't Tell you About Capitalism.”—AlterNet Executive Editor Don Hazen

--This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

I have read this as well as some libertarian books on economics like Economics in One Lesson.
Austin Post
An example of the second is rich country's income are higher because immigration control, not just because their citizens are more productive.
Z. Wu
On the contrary, he is very open on his defence of regulated, as opposed to radical free market variations of capitalism.
Cláudio A. Amorim

Most Helpful Customer Reviews

186 of 212 people found the following review helpful By William Podmore on November 2, 2010
Format: Kindle Edition
Ha-Joon Chang, Reader in the Political Economy of Development at Cambridge University, has written a fascinating book on capitalism's failings. He also wrote the brilliant Bad Samaritans. Martin Wolf of the Financial Times says he is `probably the world's most effective critic of globalisation'.

Chang takes on the free-marketers' dogmas and proposes ideas like - there is no such thing as a free market; the washing machine has changed the world more than the internet has; we do not live in a post-industrial age; globalisation isn't making the world richer; governments can pick winners; some rules are good for business; US (and British) CEOs are overpaid; more education does not make a country richer; and equality of opportunity, on its own, is unfair.

He notes that the USA does not have the world's highest living standard. Norway, Luxemburg, Switzerland, Denmark, Iceland, Ireland, Sweden and the USA, in that order, had the highest incomes per head. On income per hours worked, the USA comes eighth, after Luxemburg, Norway, France, Ireland, Belgium, Austria and the Netherlands. Japan, Switzerland, Singapore, Finland and Sweden have the highest industrial output per person.

Free-market politicians, economists and media have pushed policies of de-regulation and pursuit of short-term profits, causing less growth, more inequality, more job insecurity and more frequent crises. Britain's growth rate in income per person per year was 2.4 per cent in the 1960s-70s and 1.7 per cent 1990-2009. Rich countries grew by 3 per cent in the 1960s-70s and 1.4 per cent 1980-2009. Developing countries grew by 3 per cent in the 1960s-70s and 2.6 per cent 1980-2009. Latin America grew by 3.1 per cent in the 1960s-70s and 1.1 per cent 1980-2009, and Sub-Saharan Africa by 1.
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99 of 115 people found the following review helpful By M. A. Krul on November 6, 2010
Format: Paperback
Ha-Joon Chang, economist at Cambridge University, is a familiar author to many in the general public by now for his persistent and eloquent efforts (when writing) to combat the economic orthodoxy on several major policy points. In particular, he is known for his defense of protectionism as a means to promote economic growth and for his rejection of the idea that 'free trade' and 'free markets' lead to better outcomes than alternatives such as government dirigisme. In "23 Things They Don't Tell You About Capitalism", he attempts to make the lessons of heterodoxy familiar to as wide a public as possible, addressing 23 orthodox economic clichés that are often accepted by a skeptical general public only because they seem to be supported by all in the economic field. In making the counterarguments accessible and generally known, Chang has done the English-speaking world a great service.

The 23 things he discusses can be roughly clustered into a number of groups: he discusses the orthodoxies of free trade as against protectionism, the orthodoxies of free markets as against government intervention, the orthodoxies of wage policy (particularly the idea that wages are infallibly determined by individual marginal productivity), the orthodoxy that inequality of income and outcome does not matter, and finally the idea that financial managers and economists know best. On all of these points, he has very important lessons to convey to policymakers, civil servants, and the general public to show that these things should either be rejected out of hand or be taken with a large truckload of salt. Using the strengths of economic history, he accessibly shows in each of these cases how the cliché is either refuted by the facts or itself an incoherent idea, or both.
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99 of 115 people found the following review helpful By Loyd E. Eskildson HALL OF FAME on January 4, 2011
Format: Hardcover
The 2008 'Great Recession' demands re-examination of prevailing economic thought - the dominant paradigm (post 1970's conservative free-market capitalism) not only failed to predict the crisis, but also said it couldn't occur in today's free markets, thanks to Adam Smith's 'invisible hand.' Ha-Joon Chang provides that re-examination in his "23 Things They Don't Tell You About Capitalism." Turns out that the reason Adam Smith's hand was not visible is that it wasn't there. Chang, economics professor at the University of Cambridge, is no enemy of capitalism, though he contends its current conservative version should be made better. Conventional wisdom tells us that left alone, markets produce the most efficient and just outcomes - 'efficient' because businesses and individuals know best how to utilize their resources, and 'just' because they are rewarded according to their productivity. Following this advice, countries have deregulated businesses, reduced taxes and welfare, and adopted free trade. The results, per Chang, has been the opposite of what was promised - slower growth and rising inequality, often masked by rising credit expansion and increased working hours. Alternatively, developing Asian countries that grew fast did so following a different version of capitalism, though to be fair China's version to-date has also produced much greater inequality. The following summarizes some of Chang's points:

1)"There is no such thing as a free market" - we already have hygiene standards in restaurants, ban child labor, pollution, narcotics, bribery, and dangerous workplaces, require licenses for professions such as doctors, lawyers, and brokers, and limit immigration. In 2008, the U.S.
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