🌱 23 things they don't tell you about capitalism

Ha-Joon Change

1. There is no such thing as a free market
2. Companies should _not_be run in the interest of their owners
3. Most people in rich countries are paid more than they should be
4. The washing machine has changed the world more than the internet has
5. Assume the worst about people and you get the worst
6. Greater macroeconomic stability has _not_made the world economy more stable
7. Free-market policies rarely make poor countries rich
8. Capital has a nationality
9. We do not live in a post-industrial age
10. The US does not have the highest living standard in the world
11. Africa is not destined for underdevelopment
12. Governments can pick winners
13. Making rich people richer doesn’t make the rest of us richer
14. US managers are over-priced
15. People in poor countries are more entrepreneurial than people in rich countries
16. We are not smart enough to leave things to the market
17. More education in itself is not going to make a country richer
18. What is good for General Motors is not necessarily good for the United States
19. Despite the fall of communism, we are still living in planned economies
20. Equality of opportunity may not be fair
21. Big government makes people more open to change
22. Financial markets need to become less, not more, efficient
23. Good economic policy does not require good economists