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" When I was growing up in South Korea in the '70s and early '80s, the country was too poor to buy original records. Everything was bootlegged. "
Ha-Joon Chang
Growing Up
Growing
Early
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" It is one thing to tell the citizens of some faraway country to go to hell, but it is another to do the same to your own citizens, who are supposedly your ultimate sovereigns. "
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" If we are really serious about preventing another crisis like the 2008 meltdown, we should simply ban complex financial instruments unless they can be unambiguously shown to benefit society in the long run. "
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Society
Run
Serious
" Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them. "
Ha-Joon Chang
Accept
Free
Choice
" I don't drink at lunchtime because I'm very weak at alcohol like most Asians. "
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Drink
Alcohol
Weak
" Basically, the myth is that America has been founded on the free market; the government has done very little; it has thrived under free trade. But actually, if you look at the history, this is actually the country that has succeeded most with protectionist policies. "
Ha-Joon Chang
Look
History
America
" Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism. "
Ha-Joon Chang
Understanding
Step
Overcoming
" The invention of the printing press was one of the most important events in human history. "
Ha-Joon Chang
Events
Most
Important
" I think this notion that public enterprises do not work and therefore nationalization will be a disaster, I mean, it's not supported by evidence. "
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Disaster
Think
Work
" By liberating women from household work and helping to abolish professions such as domestic service, the washing machine and other household goods completely revolutionised the structure of society. "
Ha-Joon Chang
Work
Women
Structure
" Many people think that the U.S. is ahead in the frontier technology sectors as a result of private sector entrepreneurship. It's not. The U.S. federal government created all these sectors. "
Ha-Joon Chang
Government
Technology
People
" As a consumer, I don't create art, but I think whatever the message is, art has to touch you. "
Ha-Joon Chang
You
Touch
Think
" I'm not an anti-capitalist, or anarchist. I want capitalism to work. "
Ha-Joon Chang
Anarchist
Work
Capitalism
" I used to joke that I came to England - not to the U.S. where most Koreans go - because I like Arthur Conan Doyle and Agatha Christie. "
Ha-Joon Chang
Because
Used
Most
" Gone are the days when the upper classes were terrified of the angry mob wanting to smash their skulls and confiscate their properties. Now their biggest enemy is the army of lazy bums, whose lifestyle of indolence and hedonism, financed by crippling taxes on the rich, is sucking the lifeblood out of the economy. "
Ha-Joon Chang
Angry
Lazy
Mob
" Sometimes people with strong ideology, whether left-wing or right-wing, refuse to do something simply because they believe it is wrong, when doing it actually benefits them. For some people, it's not just about money and political power. "
Ha-Joon Chang
Power
Money
Political
" I've read quite a few readers' reviews of my book on Amazon, saying, 'Ah, he criticises the free market, he advocates central planning.' I don't do that for a minute! But this is our black and white, dichotomous way of thinking - which has really been harmful. "
Ha-Joon Chang
Thinking
Black And White
Book
" Democracy, despite its limitations, is in the end the only way to ensure that policies do not simply benefit the privileged few. "
Ha-Joon Chang
Limitations
Democracy
End
" People always think they're in the middle of a revolution while they tend not to realize the enormity of a change that has happened in the past. The telegraph was a revolution, but who looks at it that way these days? The telegraph sped up the transportation of messages over long distances by a huge factor. "
Ha-Joon Chang
People
Think
Revolution
" Patent monopoly creates a lot of problems. It allows the patentee to charge the maximum to consumers. This may not be a problem if the patented product is a luxury item, like parts that go into a smartphone, but can violate basic human rights if it involves things such as life-saving drugs. "
Ha-Joon Chang
Luxury
Human Rights
Problems
" The truth is that the free movement of goods, people, and money that developed under British hegemony between 1870 and 1913 - the first episode of globalization - was made possible, in large part, by military might rather than market forces. "
Ha-Joon Chang
Truth
People
Money
" To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex. "
Ha-Joon Chang
Success
Capitalism
Reality
" The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market. "
Ha-Joon Chang
Look
Economy
Good
" It is impossible to objectively define how free a market is. This is a political definition. Government is always involved, and those free marketers are as politically motivated as anyone. "
Ha-Joon Chang
Free
Impossible
Political
" We need to accept that consumption is not the end goal of our life and stop measuring our well-being simply on the basis of earnings. We need to explicitly take the quality of our work-related life into account in judging our well-being. "
Ha-Joon Chang
Life
Judging
Quality
" Without there being some national strategy, it is difficult for educators to know what kinds of engineers or technicians to produce and for potential students to know what professions to study for. "
Ha-Joon Chang
Strategy
Know
Potential
" Few countries have become rich through free-trade, free-market policies, and few ever will. "
Ha-Joon Chang
Rich
Through
Will
" It is time that we dispensed with the myth that the market is a force of nature that should not be meddled with. Markets are social creations that can be, and have been, modified for social purposes. "
Ha-Joon Chang
Social
Time
Force
" Free market economists frequently see minimum wage legislation as mere political intervention. However, there are decent economic theories which show that, under certain circumstances, minimum wages can be beneficial, as it makes workers more productive. "
Ha-Joon Chang
See
Free
Political
" The feeling of insecurity is inimical to our sense of wellbeing, as it causes anxiety and stress, which harms our physical and mental health. It is no surprise then that, according to some surveys, workers across the world value job security more highly than wages. "
Ha-Joon Chang
Job
Mental Health
Health
" Markets are, in the end, man-made devices for utilitarian purposes, not a force of nature that we should not try to resist. If they end up serving the interests of only a tiny minority, as is increasingly the case, we have the right - and indeed the duty - to regulate them in the interest of greater social good. "
Ha-Joon Chang
Try
Good
End