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Ha-Joon Chang

Ha-Joon Chang Quotes

Economist

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“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.”

IfsWantNeedsGivingCountryChanceTechnologyProductsIndustryPeriodsGiving UpPaidCompetitionInternationalProtectionProducersTake TimeCheaperNew TechnologyImportsIt Takes Time
Book:Bad Samaritans: The Guilty Secrets of Rich Nations and the Threat to Global Prosperity
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“As South Korea shows, active participation in international trade does not require free trade. Indeed, had South Korea pursued free trade and not promoted infant industries, it would not have become a major trading nation. It would still be exporting raw materials (e.g., tungsten ore, fish, seaweed) or low-technology, low-price products (e.g., textiles, garments, wigs made with human hair) that used to be its main export items in the 1960s.”

HumansDoeMadeStillsShowsUsedNationsTechnologyMaterialsProductsHairIndustryMajorsLowsTradeSouthInternationalFishesActiveUsed To BeParticipationTradingInfantItems1960sKoreaPursuedGarmentsRaw MaterialsFree TradeWigsSeaweedSouth KoreaTextilesInternational TradeExportingActive Participation
Book:Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism
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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. This is what we do all the time with other products-drugs, cars, electrical products and many others.”

IfsShouldLongRunningBusinessCarSeriousProductsDrugBenefitsCrisisInstrumentsComplexesFinancialFinanceLong RunsBansPreventingElectricalMeltdowns
Author:Ha-Joon Chang
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