Quotessence
Home / Quotes / Quote by Ha-Joon Chang

Quote by Ha-Joon Chang

Author

Ha-Joon Chang
Ha-Joon Chang

Ha-Joon Chang is a Korean-born economist known for his research on development economics and issues of globalization. His works, such as '23 Billion People's Challenge' and 'Kicking Away the Ladder', challenge traditional development theories and propose new models of development. more

You May Also Like

“The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.”

PeoplePoliticalSocialEconomyDemocracyDangerKillingPushingContractsThreateningPolitical SystemsLivelihoodSpiralsLegitimacyRewritingUnderminingAusteritySocial ContractDownward SpiralBackdoor
Author:Ha-Joon Chang
Create image

“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.”

PeopleWorldHas BeensCountryRichWrittenInvolvedStandardsCapitalismTradeHistoricalDevelopingPerceiveFree MarketFree TradeDouble StandardDeveloping Countries
Book:Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism
Create image

“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
Create image

“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.”

WantCountryPastUsedPoorRichPolicyTradeCompetitorsFree MarketLaddersEmergingFree TradePoor CountriesRich CountriesNationalistic
Book:Bad Samaritans: The Guilty Secrets of Rich Nations and the Threat to Global Prosperity
Create image

“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
Create image