Not only are markets political, but free-market policies rarely make poor countries rich, says Chang. Again it’s been said before (most notably by Chang in Kicking Away the Ladder), but rich countries all protected their own markets in the early days, contrary to the advice they now give to poor countries. Developing countries on average grew faster in the 1960s and 1970s when they pursued statist policies than in the 1980s and 1990s when the free-market Washington Consensus took hold. Chang points out that the United States founding fathers promoted protectionism and that Alexander Hamilton more or less invented the idea of infant-industry protection.emergenteconomics/2014/03/31/23-things-they-dont-tell-you-about-ha-joon-chang/
Posted on: Mon, 31 Mar 2014 19:54:01 +0000
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