Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
Ha-Joon ChangTo paraphrase Winston Churchill, capitalism is the worst economic system except for all the other forms.
Ha-Joon ChangThe Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
Ha-Joon ChangIn manufacturing, where mechanization and the use of chemical processes are much easier, it is easier to raise productivity than in services. In contrast, by their very nature, many service activities are inherently impervious to productivity increase without diluting the quality of the product.
Ha-Joon ChangThe invention of the printing press was one of the most important events in human history.
Ha-Joon ChangSelf-interest, to be sure, is one of the most important, but we have many other motives - honesty, self-respect, altruism, love, sympathy, faith, sense of duty, solidarity, loyalty, public-spiritedness, patriotism, and so on - that are sometimes even more important than self-seeking as the driver of our behaviors.
Ha-Joon Chang