Ha-Joon Chang is a formidable critic of orthodox, free-trade economics and a true exponent of the art of political economyby Michael Lind / September 22, 2010 / Leave a comment
Published in October 2010 issue of Prospect Magazine
23 Things They Don’t Tell You About Capitalism
by Ha-Joon Chang (Allen Lane, £20)
The washing machine changed the world more than the internet. That is one of a number of provocative assertions made by the economist Ha-Joon Chang in 23 Things They Don’t Tell You About Capitalism.
The washing machine and other household appliances have transformed the way that modern people live—not least by -liberating women from assigned roles in performing time-consuming household chores. Nor does the internet look that impressive compared to the telegraph, which reduced the time it took to transmit a message across the Atlantic or North America by a factor of 2,500, from two weeks in the early 1860s to a few minutes. In contrast: “The internet reduced the transmission time of a 300-word message from ten seconds on the fax machine to, say, two seconds, but this is only a reduction by a factor of five.”