Wednesday, June 11, 2014

Another quote from Ha-Joon Chang

".. if you read only things like 'The Economist' and 'The Wall Street Journal', you would only hear about Singapore's free trade policy and its welcoming attitude towards foreign investment. This may make you conclude that Singapore's economic success proves that free trade and the free market are the best for economic development- until you also learn that almost all the land in Singapore is owned by the government, 85 percent of housing is supplied by government-owned housing agency (the international standard is about 10 percent). There is no single type of economic theory- Neoclassical, Marxian,Keynesian, you name it- that can explain the success of this kind of combination of free market and socialism."

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