Author(s): Ha-Joon Chang

Philosophy, Politics & Current Affairs

It's rare that a book appears with a fresh perspective on world affairs, but renowned Cambridge economist Ha-Joon Chang has some startingly original things to say about the future of globalization. In theory, he argues, the world's wealthiest countries and supra-national institutions like the IMF, World Bank and WTO want to see all nations enjoying the improvements in average income, life expectancy, healthcare and personal choice that a modern industrial society offers.
In practice, though, those at the top are 'kicking away the ladder' to wealth that they themselves climbed. Why? Self-interest certainly plays a part. But, more often, the rich and powerful governments and institutions are actually Bad Samaritans, whose intentions are worthy but whose simplistic free-market ideology and poor understanding of history leads them to inflict policy error after policy error on others. Chang painstakingly demonstrates this by contrasting the route to success taken over the past centuries and decades by economically vibrant countries with the very different route now being dictated to the world's poorer nations. In the course of this, he shows just what muddled thinking currently exists in such key areas as international trade and foreign investment. He demonstrates conclusively that the case for privatisation and against state involvement is far from proven. And he explores the ways in which attitudes to national cultures and political ideologies are obscuring clear thinking and creating bad policy. Finally, he argues the case for a new set of strategies that will help to create a more prosperous world, however much they may appall the Bad Samaritans.