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Bad Samaritans: The Myth of Free Trade and the Secret by Ha-Joon Chang

By Ha-Joon Chang

A emerging younger megastar within the box of economics assaults the free-trade orthodoxy of The international Is Flat head-on—a crisp, contrarian heritage of worldwide capitalism. 

One economist has referred to as Ha-Joon Chang “the most enjoyable philosopher our career has grew to become out long ago fifteen years.” With undesirable Samaritans, this provocative pupil bursts into the talk on globalization and financial justice. utilizing irreverent wit, an engagingly own type, and a battery of examples, Chang blasts holes within the “World Is Flat” orthodoxy of Thomas Friedman and different liberal economists who argue that in basic terms unfettered capitalism and wide-open overseas alternate can raise suffering international locations out of poverty. to the contrary, Chang exhibits, today’s financial superpowers—from the U.S. to Britain to his local Korea—all attained prosperity by means of shameless protectionism and govt intervention in undefined. we've comfortably forgotten this truth, telling ourselves a fairy story concerning the magic of unfastened alternate and—via our proxies reminiscent of the area financial institution, foreign financial Fund, and global alternate Organization—ramming rules that go well with ourselves down the throat of the constructing world. Unlike ordinary economists who build versions of the way should paintings, Chang examines the previous: what has truly occurred. His pungently contrarian historical past demolishes one pillar after one other of free-market mythology. We deal with patents and copyrights as sacrosanct—but constructed our personal industries through studiously copying others’ applied sciences. We insist that centrally deliberate economies stifle growth—but many constructing international locations had larger GDP progress earlier than they have been stressed into deregulating their economies. either justice and customary feel, Chang argues, call for that we reevaluate the guidelines we strength on international locations which are suffering to stick to in our footsteps.

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Extra info for Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

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3 Mohamed Ali instigated major economic changes: the overhaul of Egypt’s irrigation system, the first innovation in this vital activity for more than 400 years; the introduction of new crops (mainly cotton), which promised attractive cash returns; and the organization of manufacturing and industry in an early form of vertically integrated value chains (the cotton was processed in weaving factories situated near the centre of the Delta to optimize transport costs). The story of cotton in Egypt has been a corollary of the story of wealth and power in the country.

It is not a history of the country in the past half century; it will not recite political or social events, and though there is an underlying chronological order running throughout the story, the book is not a sequence of events and incidents presented in order. The book is also not a socio-economic study of the country; it will link economic and financial circumstances to social trends and events in the story of the Egyptians over the past six decades, but it will not adopt a singular disciplinary method in looking at that story.

Egypt’s story should interest an international reader – not just because of its political twists (though there have been many of these, for example the move from being a staunch anti-colonial stalwart and political partner of the USSR to a solid American ally), its economic upheavals (such as the move from an austere socialist economy towards a merger and an extreme blur between decision-making and private economic interests) or moments and scenes of high-adrenaline (a coup, four widely covered wars, a presidential assassination live on TV, a landing in Jerusalem that was compared to the landing on the moon, and a revolution that gripped the attention and admiration of the whole world), but because at the core of the story are dramatic changes in 8 INTRODUCTION the values, customs, ways of looking at – and living – life, and even in the identities of the people.

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