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Bad samaritan: The myth of tread and the secret history of capitalism by ha-joon Chang - Book Report/Review Example

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CRITICAL ANALYSIS OF THE BOOK “BAD SAMARITANS: THE MYTH OF FREE TRADE AND SECRET HISTORY OF CAPITALISM” The author of the book, Ha-Joon Chang has specialized in developing economics and is one of the leading economists worldwide. He was a past consultant to the World Bank, the European Investment Bank, the Asian Development Bank, and Oxfam and to the various agencies in United States…
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Bad samaritan: The myth of tread and the secret history of capitalism by ha-joon Chang
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Bad samaritan: The myth of tread and the secret history of capitalism by ha-joon Chang

Download file to see previous pages... The book has unveiled the truth of the world’s economy and discussed the trade policy, regulation of foreign investment, intellectual property rights, privatization, and other economic issues like democracy, corruption and aspects of culture, all from a very different perspective. One can tell from title of the book that says free trade is nothing more than a myth, a thing that has no presence in the reality and that exists in economic theories and books only. If you look at the economic practices of all the developed and rich countries you would find that none of them is letting the market work freely. Free trade has no reality rather it has hidden a truth of capitalism behind it. The author has tagged rich countries and the international organizations (IMF, World Bank, WTO) that are monitored by these rich countries, as Bad Samaritans. Author has used such words because of the fact that these international organizations are being controlled by the rich countries, and ultimately only those policies are recommended or even imposed that both of them mutually agree on. These policies are apparently made to help the developing countries but the truth is that these policies have never been able to get any positive results or bring any improvement in the economies. Moreover, the rich countries, which make such policies, do not use those policies themselves when it comes to them. Hence, by the act of helping the developing countries, Bad Samaritans end up harming and manipulating them. Supporting his arguments, Chang has further stated that looking back at the past of western industrial countries it has been seen that they have never followed a policy of free trade until they had achieved a form of industrial supremacy. The western countries that apparently follow the free trade for the economic development of the world has never actually done anything for the under developed countries. There are different insights and references given by the author at various points throughout the book to support his arguments and give relevance to the reality. Chang says that all the current economically developed and wealthy countries did not accumulated their wealth through free trade rather than they achieved it by implying highly protective tariffs, subsidies and laws for the regulation of foreign business within the country. According to him this truth was buried by one of the biggest myths of capitalist free trade and that it brings successes with globalization. It is not the free trade, nothing else but the protectionism that has been making these developed countries successful since years. DISCUSSION AT U.S. ECONOMY IN THE BOOK The book has done some analysis of the U.S. economy, discussed the strengths and weaknesses and the overall performance of American economy at certain places. It has often done a comparison and contrast of U.S. economy with the British economy, considering both of them as highly successful countries in terms of economies. At a certain point the author says, that the Britain economy found a safe place for itself before it actually implemented the free trade in the country. It reached at the level where it gained an edge of technology over its competitors by putting strict and extended tariffs and once it was stable it moved towards the free trade. While U.S. economy was the most protectionist country in the ...Download file to see next pagesRead More
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