South Korean professor Ha-Joon Chang recently released a book entitled ‘23 Things They Don’t Tell You About Capitalism‘ and while I haven’t read it, I’ve heard good things about Chang’s work generally and this work in particular.
Chang comes from the supposedly outdated ‘institutional’ school of economics. The institutional school – which has its origins in the work of Thorstein Veblen – views the economy as a social whole, complete with power-relations and institutions. Although this blog usually doesn’t explicitly take this viewpoint, the institutional school has, through Veblen and JK Galbraith, had an enormous influence on the way I view economies.
So, it’s only too refreshing to see a popularised book written within this framework – which is certainly the most readable of all the economic schools – gaining good media attention.
The Real News Network are currently running through some of the key points raised in the book. A new section is being published every day on their website. I’ll try to keep this blog updated accordingly.