Ha-Joon Chang - Market Quotes

11 Sourced Quotes

View all Ha-Joon Chang Quotes
The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.

Ha-Joon Chang
We are not smart enough to leave things to the market.

Ha-Joon Chang
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'. Naturally, the former gives equal weight to each person, regardless of the money she/he has. The latter give greater weight to richer people. Therefore, democratic decisions usually subvert the logic of market.

Ha-Joon Chang
Financial markets need to become less, not more, efficient.

Ha-Joon Chang
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
Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.

Ha-Joon Chang
Markets have a strong tendency to reinforce the status quo. The free market dictates that countries stick to what they are already good at. Stated bluntly, this means that poor countries are supposed to continue with their current engagement in low-productivity activities. But their engagement in those activities is exactly what makes them poor. If they want to leave poverty behind, they have to defy the market and do the more difficult things that bring them higher incomes—there are no two ways about it.

Ha-Joon Chang
Rich countries have 'kicked away the ladder' by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past.

Ha-Joon Chang
Corruption often exists because there are too many market forces, not too few.

Ha-Joon Chang
Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.

Ha-Joon Chang
Corruption exists because there is too much, not too little, market.

Ha-Joon Chang