The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.
![Ha-Joon Chang](images/avatarlar/pexels-marius-venter-165.png)
Unless we find a solution to the problem of interlocking patents, the patent system may actually impede the very innovation it was designed to encourage.
![Ha-Joon Chang](images/avatarlar/pexels-daria-shevtsova-161.png)
Unlike what neo-liberals say, market and democracy clash at a fundamental level. Democracy runs on the principle of 'one man (one person), one vote'. The market runs on the principle of 'one dollar, one vote'.
![Ha-Joon Chang](images/avatarlar/pexels-leonie-fahjen-928.png)
Not all countries have succeeded through protection and subsidies, but few have done so without them.
![Ha-Joon Chang](images/avatarlar/pexels-marius-venter-165.png)
He is over-protected and needs to be exposed to competition, so that he can become a more productive person.
![Ha-Joon Chang](images/avatarlar/pexels-elijah-o'donnell-4.png)
Rich countries have 'kicked away the ladder' by forcing free-market, free-trade policies on poor countries.
![Ha-Joon Chang](images/avatarlar/pexels-marius-venter-165.png)
Are you still convinced that inflation is incompatible with economic success?
![Ha-Joon Chang](images/avatarlar/pexels-riccardo-bresciani-307.png)
Trade is simply too important for economic development to be left to free trade economists.
![Ha-Joon Chang](images/avatarlar/pexels-elijah-o'donnell-4.png)
Global economic competition is a game of unequal players … Consequently, it is only fair that we 'tilt the playing field' in favour of the weaker countries. In practice, this means allowing them to protect and subsidize their producers more vigorously and to put stricter regulations on foreign investment. These countries should also be allowed to protect intellectual property rights less
stringently so that they can more actively 'borrow' ideas from more advanced countries.
![Ha-Joon Chang](images/avatarlar/pexels-elijah-o'donnell-4.png)
![Ha-Joon Chang](images/avatarlar/pexels-simon-migaj-747.png)
The foundation of economic development is the acquisition of more productive knowledge.
![Ha-Joon Chang](images/avatarlar/pexels-daria-shevtsova-161.png)
Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies—that is, when it wants to develop its economy. It
takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is,
thus seen, for those who accept the status quo but not for those who want to change it.