A Quote by Ha-Joon Chang
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.
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One of the most difficult features of direct experience is that it is unfiltered by any theories or expectations. It's hard to observe without imposing a theory to explain what we're seeing, but the trouble with theories, as Einstein said, is that they explain not only what is observed, but what can be observed. We start to build expectations based on our theories.
We lay down a fundamental principle of generalization by abstraction: The existence of analogies between central features of various theories implies the existence of a general theory which underlies the particular theories and unifies them with respect to those central features.
In the course of history periods of capitalism and socialism alternate with one another; capitalism is the unnatural, socialism the natural economic system... The National Socialists and the Red Front have the same aspirations. The Jews falsified the Revolution in the form of Marxism and that failed to bring fulfilment.
Socialism may have failed as an economic theory, but global warming alarmism, with its dire warnings about the consequences of industry and consumerism, is equally a rebuke to capitalism.
Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy.
Capitalism and socialism are two distinct patterns of social organization. Private control of the means of production and public control are contradictory notions and not merely contrary notions. There is no such thing as a mixed economy, a system that would stand midway between capitalism and socialism.
Our theories are wedged and controlled as nothing else is. Yet sometimes alternative theoretic formulas are equally compatible with all the truths we know, and then we choose between them for subjective reasons. We choose the kind of theory to which we are already partial: we follow 'elegenace' or 'economy'
Hydrodynamics procreated complex analysis, partial differential equations, Lie groups and algebra theory, cohomology theory and scientific computing.
The market economy of its own cannot destroy socialism. But to build socialism with success, it is necessary to develop a market economy in an adequate and correct way.
...the myth of socialism is far stronger than the reality of capitalism. That is because capitalism is not really an ism at all. It is what people do if you leave them alone.
One thus sees that a new kind of theory is needed which drops these basic commitments and at most recovers some essential features of the older theories as abstract forms derived from a deeper reality in which what prevails in unbroken wholeness.
Superstring theories provide a framework in which the force of gravity may be united with the other three forces in nature: the weak, electromagnetic and strong forces. Recent progress has shown that the most promising superstring theories follow from a single theory. For the last generation, physicists have studied five string theories and one close cousin. Recently it has become clear that these five or six theories are different limiting cases of one theory which, though still scarcely understood, is the candidate for superunification of the forces of nature.
Two decades ago, however, socialism and communism died rudely, then were buried forever by the empirical demonstration of the superiority of market capitalism everywhere from Thatcher's England to Deng's China, where just the partial abolition of socialism lifted more people out of poverty more rapidly than ever in human history.
Put bluntly, the American church today accepts grace in theory but denies it in practice. We say we believe that the fundamental structure of reality is grace, not works - but our lives refute our faith.
I was guilty of judging capitalism by its operations and socialism by its hopes and aspirations; capitalism by its works and socialism by its literature.
I don't know who you would blame for this, whether Ricardo or others, but we created a fictitious economic theory to praise a rentier or rent-derived, interest-derived capitalism that countered productive forces within the economy.
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