By Ha-Joon Chang.
This book had its moments and there were a few points that started me thinking; one being that the the unqualified good of low inflation at any cost isn’t necessary for economic growth. This is the dominant view which is espoused everywhere and maybe it isn’t so. The book could be thought of as a primmer for further reading. Some parts are detailed – but mostly it is a summary of dominant free market views with rebuttals. Not all the rebuttals are watertight and more detail could be given, but then the book would be something more than what it is; a work canvassing and changing conceptions that the free market mechanisms are somehow moral and self-regulating.
Here are some good quotes:
So, when free-market economists say that a certain regulation should not be introduced because it would restrict the ‘freedom’ of a certain market, they are merely expressing a political opinion that they reject the rights that are to be defended by the proposed law. Their ideological cloak is to pretend that their politics is not really political, but rather is an objective economic truth, while other people’s politics is political.
It helps us break away from the myth that our economy is exclusively populated by rational self-seekers interacting through the market mechanism. When we understand that the modern economy is populated by people with limited rationality and complex motives, who are organized in a complex way, combining markets, (public and private) bureaucracies and networks, we begin to understand that our economy cannot be run according to free-market economics.