Ha-Joon Chang on Free Trade, Free Market, True Story of Capitalism

Five years ago Ha-Joon Chang, a famous economist from South Korea, teaching at University of Сambridge, delivered a lecture on the real history of trade and capitalism for the New America Foundation where he is criticizing the official history of economy, claiming, that USA and Europe became strong not through protectionist measures, but through the market . He is also revealing the "level playing field"-argument, used by WTO and IMF to delegitimize protectionist measures in the eyes of developing countries. Ha-Joon Chang is telling, that despite a lot of arguments, speaking against the neoliberal recipes of IMF, World Bank and WTO, these institutions are inventing new explanations, however every time their policies do not work and they don't want to acknowledge that their theory doesn't not work: "the countries are wrong, not the theory".

Ha-Joon Chang on Free Trade, Free Market, True Story of CapitalismHa-Joon Chang | Reader in the Political Economy of Development at the University of Cambridge