Author: Ha-Joon Chang

“23 Things They Don’t Tell You About Capitalism”** by Ha-Joon Chang is a thought-provoking book that challenges many of the core beliefs of free-market capitalism. Here’s a detailed summary and review:

Summary

The book is structured around 23 essays, each addressing a different myth or misconception about capitalism. Here are some key points from a few of these essays:

1. The Myth of the Free Market:

• Chang argues that no market is truly free. All markets are regulated to some extent by governments, and these regulations shape the market outcomes¹.

2. The Myth of the Level Playing Field:

• He discusses how markets are often skewed in favor of large corporations, making it difficult for small businesses to compete².

3. The Myth of Efficient Markets:

• Chang challenges the idea that markets are always efficient, pointing out that market failures and externalities often lead to suboptimal outcomes².

4. The Myth of the Invisible Hand:

• He critiques the notion that markets, left to their own devices, will always lead to positive outcomes, highlighting issues like pollution and inequality².

5. The Myth of the Small Business:

• Chang argues that while small businesses are often seen as the backbone of the economy, large corporations tend to dominate and stifle competition².

Review

Strengths:

• Accessible Writing: Chang writes in a way that is easy to understand, making complex economic concepts accessible to a general audience.
• Challenging Conventional Wisdom: The book is excellent at questioning widely accepted economic beliefs, encouraging readers to think critically about capitalism.
• Use of Examples: Chang uses a variety of historical and contemporary examples to support his arguments, making the book engaging and informative.

Weaknesses:

• Bias: Some critics argue that Chang’s perspective is too biased against free-market capitalism and that he doesn’t give enough credit to its successes⁴.
• Simplification: While the book’s simplicity is a strength, it can also be a weakness. Some of the arguments may seem overly simplified to those with a deeper understanding of economics⁴.

Overall, “23 Things They Don’t Tell You About Capitalism” is a compelling read that offers a fresh perspective on economic issues. It’s particularly valuable for those looking to understand the limitations and complexities of free-market capitalism.

Source:
(1) 23 Things they don’t tell you about Capitalism – SuperSummary. https://www.supersummary.com/23-things-they-dont-tell-you-about-capitalism/summary/.
(2) Book Summary: 23 Things They Don’t Tell You About Capitalism by Ha-Joon …. https://5minutebooksummary.com/23-things-they-dont-tell-you-about-capitalism-summary/.
(3) 23 Things They Don’t Tell You About Capitalism – Goodreads. https://www.goodreads.com/book/show/8913542-23-things-they-don-t-tell-you-about-capitalism.
(4) 23 Things They Don’t Tell You About Capitalism – critical summary review. https://12min.com/23-things-they-dont-tell-you-about-capitalism-summary.