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.
Ha-Joon ChangThere are different ways to organise capitalism. Free-market capitalism is only one of them-and not a very good one at that.
Ha-Joon ChangA well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.
Ha-Joon ChangSince the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing.
Ha-Joon Chang