A Quote by Ha-Joon Chang
Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism.
Quote Topics
Quote Author
Related Quotes
We do not have free market capitalism in America; we have crony capitalism. There is a huge difference between free market capitalism that democratizes a country and makes us more efficient and prosperous and corporate crony capitalism.
It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
Ignorance, as well as disapproval for the natural restraints placed on market excesses that capitalism and sound markets impose, cause our present leaders to reject capitalism and blame it for all the problems we face. If this fallacy is not corrected and capitalism is even further undermined, the prosperity that the free market generates will be destroyed.
Capitalism is not about the profit motive. Capitalism is about free markets. What you do in the market, in your free will, is the essence of capitalism.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
The greatness of America is capitalism, free market capitalism. The exceptionalism of American business.
The biggest lie of all is that capitalism is democracy. We have no way of understanding democracy outside of the market, just as we have no understanding of how to understand freedom outside of market values.
There are different ways to organise capitalism. Free-market capitalism is only one of them-and not a very good one at that.
It is impossible to objectively define how free a market is. This is a political definition. Government is always involved, and those free marketers are as politically motivated as anyone.
I am a conservative Republican, a firm believer in free market capitalism. A free market system allows all parties to compete, which ensures the best and most competitive project emerges, and ensures a fair, democratic process.
But myth is something else than an explanation of the world, of history, and of destiny. Myth expresses in terms of the world - that is, of the other world or the second world - the understanding that man has of himself in relation to the foundation and the limit of his existence. Hence to demythologize is to interpret myth, that is, to relate the objective representations of the myth to the self-understanding which is both shown and concealed in it.
With free market and free man, if you remove one of them, it is not called capitalism in my dictionary.
Capitalism and the market are presented as synonymous, but they are not. Capitalism is both the enemy of the market and democracy.
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
Free market capitalism is the best path to prosperity!
The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist