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James Donaldson’s Book Review – 23 Things They Don’t Tell You About Capitalism by Ha-Joon Chang

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23 Things They Don't Tell You about CapitalismIn this book, 23 Things They Don’t Tell You about Capitalism, the author goes into pretty good detail and some very good scenarios about how and why capitalism works (when it works), and how and why sometimes it doesn’t.

The author states that because we didn’t ask the “necessary questions” about capitalism, we got hit by the proverbial freight train during the first decade of the new millennium, which we never saw coming. We should’ve seen it coming, with the housing bubble about ready to burst, and Wall Street being irresponsible, but very few of us took the time to pay attention and asked the right questions.

Some very good points that he makes in the book, and part of the list of 23 are:

Thing 1: There is no such thing as the free market.

Thing 4: The washing machine has changed the world more than the Internet.

Thing 5: Assume the worst about people, and you get the worst.

Thing 13: Making rich people richer doesn’t make the rest of us richer.

Even though I am by no means an economist, or even barely interested in the subject, I’ve learned that I need to pay attention to our economic situation not only in our country, but globally. Also, it’s important to pay attention to the politics that go along with it.

In the last chapter of the book, the author offers some solutions to How to Rebuild the World? He offers solutions that would make capitalism be a lot more humane and help us all not to become slaves to the market.

Now that we’ve all learned a lesson from our “Near Great Depression” of the last decade, perhaps a few of us will be a little more motivated and enlightened. I learned a few things about how to see the telltale signs of economic trends, especially those that will have a great negative impact on us.

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