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23 facts that will show how the capitalist system really works.

Topic

Economics.

About the book

Capitalism is a bad economic system, but all the others are even worse, says economist Ha-Young Chang, paraphrasing Winston Churchill. The economic prosperity of countries will depend on whether people (especially those in power) are ready to take a sober look at the problems of this system and improve it. Should companies only consider the interests of their owners? What will help poor countries become rich? And, finally, why did the invention of the washing machine change the world more than the Internet?

Who is the book for

This book will be interesting both for those who do not yet fully understand what capitalism is, and for those who are deeply versed in economic processes and are looking for answers to modern challenges.

Why this book

The author identifies 23 facts that will show how the capitalist system actually works and will also push us to understand how to make it work better.

About the Author

Ha-Yun Chang is an expert in the economics of developing countries and a lecturer in evolutionary political economy at the University of Cambridge, and a columnist for the Guardian newspaper. He is the author of the books Rejecting the Ladder: Development Strategy in Historical Perspective, Evil Samaritans: Rich Countries, Poor Policies and the Threat to Developing Countries, and Economics. Instructions for use (Our format).

Books on similar topics

«Economics. Instructions for use», Ha-Young Chang, «Our Format», 2016
«Protestant Ethics and the Spirit of Capitalism», «Our Format», 2018
«Capitalism and Freedom», Milton Friedman, «Our Format», 2017

Reviews

"A book for those who want to understand capitalism not from the point of view of politicians or economists, but according to how it actually works in practice."

Observer

"This book does a great job of summarising the state of the modern economy, and also shows all the aspects that are not working, calling for a complete overhaul."

Publishers Weekly

Quotes

On multinationals

"Although there is a growing 'transnationalisation' of capital globally, most multinationals remain essentially domestic companies with international operations rather than multinationals per se.

On the perception of progress

"We tend to perceive the most recent changes as the most revolutionary. Often, this is contrary to the facts. Recent advances in telecommunications technology are not as revolutionary, in relative terms, as the advent of the wired telegraph in the late 19th century. Moreover, when it comes to the economic and social changes that followed, the Internet revolution is not as significant (at least for now) as the proliferation of washing machines and other household appliances, which, by significantly reducing the time spent on everyday tasks, allowed women to enter the labour market and virtually eliminated the maid profession."