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23 Things They Don’t Tell You About Capitalism summary
Why capitalism is not what you think it is.
23 mins
Brief summary
23 Things They Don't Tell You About Capitalism by Ha-Joon Chang explores the myths surrounding capitalism and argues for more government intervention in the economy. It challenges conventional notions about free markets, globalization, and the role of the state, offering a fresh perspective on economic policy.
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23 Things They Don’t Tell You About Capitalism
Summary of 10 key ideas
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Key idea 1 of 10
Despite what free-market economists say, their subject is not an objective natural science.
You will probably remember the huge financial crisis which swept the globe in 2008. You may also recall that in the months that followed, economists were – bankers aside – the most mistrusted professionals in the world. Yet this backlash was far from unfair to economists – it was a perfectly reasonable response to their arrogant attitude in previous years. Quite simply, economists had grown far too big for their boots.
One sign of economists’ overconfidence was their belief that only they could fully understand the complexities of economic theory. This led them to dismiss any criticism of their beliefs as too simplistic.
Yet this was, and is, simply not the case. Instead of being too complex for outsiders, 95 percent of economics is simple common sense.
You can think of it in this way. When you go to a restaurant you know what standards of hygiene you desire even though you are not a qualified epidemiologist. And it’s the same for economics; the basic principles of the subject can be appreciated by anyone. After all, you don’t need to be president of a central bank to know that a country shouldn't gamble all its money on risky investments.
This arrogance also led mainstream economic teaching to discount any alternative theories.
For the last few decades, one particular economic theory has dominated: neo-classical free market theory. This belief assumes that every individual in society acts as a rational, selfish agent, who only makes an economic decision by calculating how much it will benefit them. The economic profession came to regard this theory almost as a natural science. This led them to focus too much on a normative theory rather than on its application in the real world.
But rather than being an objective science like physics, economics is a social science. This means that there are many potential alternative theories – each just as provable as the free market approach.
In the following blinks we will discover the central faults in free market economic theory.
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What is 23 Things They Don’t Tell You About Capitalism about?
In 23 Things They Don’t Tell You About Capitalism Ha-Joon Chang destroys the biggest myths of our current economic approach. He explains how, despite what most economists believe, there are many things wrong with free market capitalism. As well as explaining the problems, Chang also offers possible solutions which could help us build a better, fairer world.
23 Things They Don’t Tell You About Capitalism Review
23 Things They Don’t Tell You About Capitalism (2010) by Ha-Joon Chang is a thought-provoking exploration of the hidden truths behind capitalism. Here's why this book is worth reading:
- The book challenges common myths about capitalism, offering fresh and unconventional perspectives that will make you question the current economic system.
- Through a combination of empirical evidence, case studies, and historical analysis, Chang provides a comprehensive understanding of the complexities of global capitalism.
- By delving into topics such as inequality, technology, and globalization, the book brings complex economic theories to life in a way that is accessible and engaging.
Best quote from 23 Things They Don’t Tell You About Capitalism
There is no such thing as the free market.
—Ha-Joon Chang
Who should read 23 Things They Don’t Tell You About Capitalism?
- Students of economics who are fed up with mainstream teaching
- Anyone who takes an interest in the financial crisis and why nobody saw it coming
- Anyone wondering why levels of inequality are so high
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23 Things They Don’t Tell You About Capitalism FAQs
What is the main message of 23 Things They Don’t Tell You About Capitalism?
The main message of 23 Things They Don’t Tell You About Capitalism is that there are hidden truths and misconceptions about capitalism that need to be addressed.
How long does it take to read 23 Things They Don’t Tell You About Capitalism?
The reading time for 23 Things They Don’t Tell You About Capitalism varies, but it typically takes a few hours. However, the Blinkist summary can be read in just 15 minutes.
Is 23 Things They Don’t Tell You About Capitalism a good book? Is it worth reading?
23 Things They Don’t Tell You About Capitalism offers eye-opening insights and challenges common beliefs, making it a valuable read for those interested in understanding capitalism better.
Who is the author of 23 Things They Don’t Tell You About Capitalism?
The author of 23 Things They Don’t Tell You About Capitalism is Ha-Joon Chang.
What to read after 23 Things They Don’t Tell You About Capitalism?
If you're wondering what to read next after 23 Things They Don’t Tell You About Capitalism, here are some recommendations we suggest:
- The Omnivore's Dilemma by Michael Pollan
- Good Economics for Hard Times by Abhijit V. Banerjee and Esther Duflo
- The Origin of Wealth by Eric D. Beinhocker
- Orientalism by Edward W. Said
- Freakonomics by Steven D. Levitt and Stephen J. Dubner
- Thinking, Fast and Slow by Daniel Kahneman
- How the World Really Works by Vaclav Smil
- Powered by Me by Neha Sangwan
- Capitalism, Socialism and Democracy by Joseph Schumpeter
- Who We Are and How We Got Here by David Reich