By Ha-Joon Chang
Using irreverent wit, an engagingly own sort, and a battery of examples, Chang blasts holes within the “World I s Flat” orthodoxy of T homas Friedman and different liberal economists who argue that simply unfettered capitalism and wide-open foreign exchange can raise suffering international locations out of poverty. to the contrary, Chang exhibits, today’s financial superpowers—from the U .S. to Britain to his local Korea—all attained prosperity through shameless protectionism and executive intervention in undefined. we've got very easily forgotten this truth, telling ourselves a fairy story concerning the magic of unfastened alternate and—via our proxies corresponding to the area financial institution, I nternational financial Fund, and global T rade Organization—ramming rules that swimsuit ourselves down the throat of the constructing world.
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Additional info for Bad Samaritans: Rich Nations, Poor Policies and the Threat to the Developing World
His third and supposedly final term as president was due to end in 1974, but Park just could not let go. Halfway through his third term, he staged what Latin Americans call an ‘auto-coup’. This involved dissolving the parliament and establishing a rigged electoral system to guarantee him the presidency for life. His excuse was that the country could ill afford the chaos of democracy. It had to defend itself against North Korean communism, the people were told, and accelerate its economic development.
Those who had more delicate consciences would settle for near-counterfeits. There were shoes that looked like Nike but were called Nice, or shoes that had the Nike swoosh but with an extra prong. Counterfeit goods were rarely sold as the genuine article. Those who bought them were perfectly aware that they were buying fakes; the point was to make a fashion statement, rather than to mislead. Copyrighted items were treated in the same way. Today, Korea exports a large and increasing quantity of copyrighted materials (movies, TV soaps, popular songs), but at the time imported music (LP records) or films (videos) were so expensive that few people could afford the real thing.
His proclaimed goal of raising the country’s per capita income to 1,000 US dollars by 1981 was considered overly ambitious, bordering on delusional. President Park launched the ambitious Heavy and Chemical Industrialization (HCI) programme in 1973. The first steel mill and the first modern shipyard went into production, and the first locally designed cars (made mostly from imported parts) rolled off the production lines. New firms were set up in electronics, machinery, chemicals and other advanced industries.
Bad Samaritans: Rich Nations, Poor Policies and the Threat to the Developing World by Ha-Joon Chang