131 Quotes by Ha-Joon Chang

I would go one step further and say that the willingness to challenge professional economists – and other experts – should be the foundation of democracy. When you think about it, if all we have to do is to listen to the experts, what is the point of having a democracy at all? Unless we want our societies to be run by a body of self-elected experts, we all have to learn economics and challenge professional economists.

The most important assumption underlying HOS is that all countries have equal productive capabilities – that is, they can use any technology they want.3.

It is a law of competition that people who can do difficult things which others cannot will earn more profit.

In fact, most successful people are those who have been well supported, financially and emotionally, by their parents when they were children. Likewise, as I discussed in chapter 2, the rich countries liberalized their trade only when their producers were ready, and usually only gradually even then. In other words, historically, trade liberalization has been the outcome rather than the cause of economic development.

In the 19th century, a lot of people were against outlawing child labour, because to do so would be against the very foundations of a free market economy: 'These children want to work, these people want to employ them... what is your problem? It's not as if anyone has kidnapped them...'