23 Things They Don't Tell You About Capitalism
 First edition | |
| Author | Ha-Joon Chang |
|---|---|
| Language | English |
| Subject |
|
| Genre | Non-fiction |
| Publisher | Penguin |
Publication date | 2010 |
| Media type | Paperback |
| Pages | 304 |
| ISBN | 978-0-14104-797-3 |
23 Things They Don't Tell You About Capitalism is a 2010 non-fiction book by economist Ha-Joon Chang. The book offers a 23-point rebuttal of aspects of neo-liberal capitalism.
Summary[edit]
Chang wrote 23 Things They Don't Tell You About Capitalism in the aftermath of the 2008 financial crisis which he argues exemplifies his criticism of globalisation and free trade.[1][2][3]
The book's criticisms range from more commonplace assertions such as "companies should not be run in the interests of their owners"[4] to less common specific arguments such as "the washing machine has changed the world more than the internet has".[5]
After listing the 23 criticisms, Chang concludes in a section called "How to rebuild the world economy". He advocates a system of capitalism in which the government has a higher degree of control over the economy[6] and wariness towards the neo-liberal version of capitalism with minimal government involvement which he argues caused the 2008 financial crisis.[7]
Reception[edit]
John Gray of The Guardian said in his review that it "masterfully debunked the myths of capitalism".[8]
Sean O'Grady of The Independent argues that 23 Things They Don't Tell You About Capitalism is testament to the ability of economically poorer nations becoming more powerful over time.[9] Writing in the Financial Times, James Crabtree describes the points of Chang's rebuttal as ranging from "conventional left-wing claims" to "counter-intuitive ones" and highlights the close relationship between the rebuttal points and criticisms following the 2008 financial crisis.[10]
However, James Hannam, writing in the Huffington Post, re-visited the book three years after its publication and commented that many of the aspects Chang attacks are "straw-men", such as the claim that we do not have a free market due to the restriction of slavery, which Hannam criticises as a misrepresentation of capitalist claims because very few capitalists argue for a completely free market.[11] Hannam summarises that the most valuable aspect of the book is its "insight into how left wing economists are trying to come to terms with the failure of socialism".[11]
Business Insider's review of the book, written by Hannah Kim and Gregory White, argues that while Chang criticises the flaws of capitalism, he accepts that a modified version with more oversight is the best economic system.[1]
See also[edit]
References[edit]
- ^ a b Kim, Hannah; White, Gregory. "23 Things They Don't Tell You About Capitalism". Business Insider. Archived from the original on 1 December 2017. Retrieved 7 August 2017.
- ^ Smith, David. "23 Things They Don't Tell You About Capitalism". The Times. Retrieved 7 August 2017.
- ^ Chang, Ha-Joon. "History debunks the free trade myth". The Guardian. Archived from the original on 12 September 2018. Retrieved 7 August 2017.
- ^ Lind, Michael. "Capitalism in question". Prospect Magazine. Archived from the original on 27 April 2014. Retrieved 7 August 2017.
- ^ Skidelsky, William. "Ha-Joon Chang: The net isn't as important as we think". The Guardian. Archived from the original on 17 January 2018. Retrieved 7 August 2017.
- ^ Mason, Paul. "23 Things They Don't Tell You About Capitalism by Ha-Joon Chang |§ Book Review". The Guardian. Archived from the original on 26 March 2017. Retrieved 7 August 2017.
- ^ Wilson, Joan (5 February 2012). "Book Review: 23 Things They Don't Tell You About Capitalism". London School of Economics. Archived from the original on 13 August 2017. Retrieved 7 August 2017.
- ^ Gray, John. "23 Things They Don't Tell You About Capitalism by Ha-Joon Chang". The Guardian. Archived from the original on 21 August 2017. Retrieved 7 August 2017.
- ^ O'Grady, Sean. "23 Things They Don't Tell You About Capitalism, By Ha-Joon Chang". The Independent. Archived from the original on 25 July 2017. Retrieved 7 August 2017.
- ^ Crabtree, James. "23 Things They Don't Tell You About Capitalism". Financial Times. Archived from the original on 26 June 2018. Retrieved 7 August 2017.
- ^ a b Hannam, James. "23 Things They Don't Tell You About Capitalism: A Second Look". Huffington Post. Archived from the original on 1 December 2017. Retrieved 7 August 2017.