Economist DESTROYS Neo-Liberal Economics: Ha-Joon Chang's Tasty Ideas
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- Опубликовано: 28 май 2024
- Rishi Sunak's budget is like English food before the 90s - with its overcooked vegetables - and Liz Truss' Mini-Budget is like bringing back Tex-Mex. Confused? In his new book EDIBLE ECONOMICS, Prof. Ha-Joon Chang uses food to take apart the ruling economic mantras of our time - and shows that there is hope for an alternative.
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In the UK we have only had 2 budget surplus's since neo liberal economics took over from Thatcherism. Nearly 50 years only 2 budget surplus's (1989tory)(2002labour). In business a surplus is a success, In economics it is the other way as a country's surplus would indicate a private sector doing worse. Funny we have had a global recession nearly every decade with this economic style.
Hello! Great interview, I usually don't watch videos with words like 'destroys' and 'demolishes' because they are mostly used by ultra conservatives, especially if the word is all in caps.
I have his other famous book 23 Things They Don’t Tell You About Capitalism. It’s excellent. Great interview. Thanks
Yep that's a great book.
Does it get into specifics about why capitalism is a flawed system? As in naming corporations or political decisions rooted in capitalism that were catastrophic for the economy?
Historically, the wealthy in Britain invested in the empire where they could exploit the unrepresented native population. Investment at home was seen as producing lower returns. The future and the health of ordinary people wasn’t considered. Then we had the North Sea Oil bonanza. Norway invested its new wealth in infrastructure; Britain (under the Tories) lowered taxes (bought votes). Now we have the result; rich prosperous Norway, miserable economic decline and exponentially rising poverty in Britain.
Why do they call it the "Productivity Puzzle", if you starve workers of wages that keep pace with inflation and fail to invest in their training and equipment how much more productive will they be. If your wages in real terms are the same value as they were a decade ago, you are essentially working for less money. So are you going to work harder?
With failure in education and automation, it probably would make no difference anyway. Dizzie Lizzie thought our productivity issues were down to lazy British workers, hence her comments in Britainnia Unchained. This the level of intelligence of the average Tory politician.
British management is on average much poorer than in other advanced countries ... the culture here encourages mediocrity.
There was someone lazy and British, but it wasn't the workers!
The Tories were used and easily fell for it.
Someone has to pay for the bankers bonuses and CEO's massive above inflation pay increases.
Judging everyone by her own standards
16:38 Since productivity is directly linked to investment, we don't have a "productivity problem," we have an "investment problem," as Ha-Joon Chang outlines. It's funny British establishment make it sound like workers aren't productive enough, when it really means British capitalists don't have the guts or intelligence or faith in their business to invest and innovate
As my mum used to say, they are too busy trying to buy their way into the ruling class.
Just like to say that ‘kicking away the ladder’ was one of my fav books at Uni for political economy. Thank you Dr Chang.
Legend! A great guy, love his lectures.
Went to see this guy speak at a free talk. He's great, charismatic and hugely informative. Everyone check out some other Ha Joon Chang stuff. You'll not be disappointed.
Nice, i would enjoy a talk with Ha-Joon Chang and Gary Stevenson
That sounds very interesting. I’d watch it.
Officer Kitsuragi, what a pleasant surprise to see you here! How's the Lieutenant double-yefreitor keeping these days?
Great to see Professor Chang on your channel! His book "23 Things They Don't Tell You About Capitalism" is absolutely required reading, not just as an 101 on "real" economics (as opposed to pure models), but also for Marxists who don't treat THE THEORY as sacred texts :D Chang cleares up some common misconceptions about modern finance capitalism and its history, which is useful for even "radicals" to know, even tho - or maybe especially - he very much writes from a Keynsian/Socdem perspective.
agree 💯 It is essential reading, his works are excellent.
I loved his book 'Kicking Away The Ladder' - well worth reading if you have the chance.
Jonathan Pie mentioned in his last post (entitled, 'Strikes! ') that in 2021,the company Shell paid zero tax for their oil production in the UK, but received £100 million in government subsidies. How is that possible?
“When Liz Truss rejects a windfall tax on the £170,000,000,000 profits oil and gas giants are expected to make, it’s worth remembering: She’s a former Shell employee whose party has taken more than £1,500,000 in donations from the oil and gas industry since the last election.”
Zarah Sultana MP
It's called neoliberalism - the revamped economic "free" market of the 19th century which Thatcher introduced.
I think that if Sunak's government was food it would be tripe
Tripe is a great dish. Ever tried?
🤣🤣🤣
@@jezalb2710 I hate, hate, hate tripe. Yuk, yuk, and yuk.
It describes the Tories well.
@@truthseeker7612 we make great soup with tripe in Poland. My Irish friend loves it.
Or the 'Century Egg'....it's a delicacy don't you know.
Thank you Owen and Dr. Chang for an excellent talk.
We can all see for ourselves what they have done to this country over the years. You would have to have been on another planet not to see it.
Boiling frogs.
It's called Planet Toryvoter
but why? Why do people keep voting for it? My answer is greed. Greed and the curiously British preoccupation with ever-increasing house prices at the expense of literally everything else.
@@treyquattro The class system dominates here. Everyone wants to be to the manor born, whether they admit it or not.
Glad you’re interviewing Chang again :-)
the irony of the first British Asian PM bringing back traditional English food...
What a gift to explain so clearly and humanity shines out of him too.
Really glad I found this. Thank you 🫡
“The scorecard is rather pathetic” 😭💀 facts! Facts! Facts
Think he mentioned a lot of facts after that statement
Shiny capitalism floats on a dark sea of cheap labour.....we see one but not the other....
Very enlightening and insightful discourse
Excelente entrevista, gracias.
He’s great, knows what he’s talking about. I’ve got a couple of his books.
Since the 2007 , we have seen central banks printing money in Quantitative Easing Schemes .
Most of this printed money has ending up bailing out financial institutions or ended up in the
hands of the top 0.1 % .
This has created a situation where Asset Growth >>> Income Growth .
Its now as though there are 2 economies - those who work for an income .
... and those who use printed capital to increase the value of their assets .
.
Dude the thumbnail you used for this interview is absolutely hilarious. Ha-Joon Chang looks great -- same as he looked like ten years ago when I first got into him as a young student and Occupy Wallstreet protester.
I wish Ha-Joon Chang would discuss the promise and perils of ESGs and social credit scares.
The two of you should take a road trip round the world showing how public investment built resilience and changed lives for the better. We've totally lost our way in this country.
Definitely check out 23 things as well, didnt expect to see you two together
this dude is the man, he needs to be on a t-shirt!
The only economist who’s books I’ve read. I’m very thankful for the education. 🙂
Taxes at a historic high - but are they? In 1964 incoming Lab govt raised standard rate of income tax from 7s9d in £ to 8s3d (38.75p to 41.25p) & less than 18 months later they were re-elected with a 99 seat majority. Since the 1970s we've become obsessed with cutting taxes & our rundown public services are a consequence. Remember Oliver Wendell Holmes 'taxes are the price of a civilise3d society'
Great interview! Absolutely loved his observation about low taxes in Paraguay! If low taxes are the answer - why don’t we all move there?! 😂
Maybe because Paraguay has low economic freedom in other areas? What's the point of having low taxes if corrupt politicians will sieze your property anyway?
Where am I going to get Tiramisu? Ironically probably NOT Italy right now 😂
We may well have the highest tax burden for years as % of GDP but I'd like to see some statistics on how that divides up based on wealth. I would highly expect that a far less of that pot comes from taxes on the wealthiest and more comes from the less wealthy than it did years back. Obviously driving in equality. Make the rich pay more and the poor less.
60% of UK wealth, according to the ONS is land. Land wealth can be taxed without harming the economy, zero dead weigt loss and you can't hide land offshore. We need a land value tax.
@@ThomasVWorm
Of course what makes an economy wealthy in any real sense is it's productive activity upon the land, not the amount landowners can extract from their monopoly.
Owning land gives you a parasitic claim to that productive output, and by any accepted defintion of wealth, the largest owners of land are very wealthy until such time s the parastite kills the host.
@@ThomasVWorm If you are a landlord and your tenant produces 100x wheat, but they only need 60x to survive the max you can charge in rent is 40x.
The landlord does not need the 40x but will claims it anyway if there is not enough alternatives for the tenant to drive the rent down.
The reduction in productivity mostly does not arise directly from this claiming of the economic surplus rent as landlords will only be able to sustainably charge a certain amount of rent, but who keeps it.
The landowning class produce nothing (in their role as ladowners) and are subsidised by tenants to do nothing, so this creates a subset of an unproductive class.
Much bigger reductions in productivity arise from land speculation via the banking system, holding land vacant for years waiting for the price to appreciate rather than chasing rental yields.
This speculation also leads to economic boom and bust, such as 2008 which was predicted via the 18.6 year land price cycle theory (see Fred Harrison's work). The next land price peak is due around 2026/7.
Also because we don't tax land we rely on taxes that damage the economy via 'dead weight loss', that eery economist agree reduces productivity via being levied, LVT has zero dead weigh loss.
So whilst landlords and the financial sector do make massive claims upon the economy, they do also reduce the economic surplus in various ways that ends up hurting everyone.
@@schumanhuman land value tax necessary lower the value of the land, therefore harming the economy. Any tax distorts the market in some way and harms the economy in numerous ways.
@@zigoter2185 LVT is well known by many famous economists left and right to be about the only non distortionary tax because it falls entirely upon economic rent, itself a monopoly distortion to the market.
This market distortion occurs via the government creating monopoly titles to own land forever (freehold), the price is a capitalised speculation upon all future rents, which become less knowable the further we go out into the future.
Because most people buy land with mortgages, the amount prices capitalse to depends on how much and how long banks are willing to lend, ie in Japan in the late 80's some banks issued 100 year mortgages, helping create and sustain one of the biggest bubbles and subsequent busts in modern history. In the UK some banks have just extended mortgages to 50 years, again to sustain rising prices towards the 2026/7 likely peak before the next GFC (18.6 year land price cycle average) .
Because LVT lowers the capitalsed price of land and adapts to market conditions as often as it is assessed, it removes the speculation upon land prices which , but it does not lower the market rental value of land other than by reducing market bottlenecks caused by under utilsation fed by speculation, what Ricardo called 'rack rents'.
We love uncle chang!
Regarding Globalisation and Neo-Liberalism, the money trickled down to rising Asia and returned as corporate profits and to a lesser extent the coffers of super-annuities.
Ha-Joon Chang's lectures in INET are so informational and great lectures to a historic context of economics.
link please?
Very informative
Love this guy.... I learnt so much from him.
Love Ha-Joon Chang. I’ve read economics and 25 things…it’s exciting to see Ha-Joon and Gary Stevenson talking about these things.
Send this to Rishi
The rest of have noticed that whatever it is we’re doing now is not working.
Cool guest! I always wonder why journalists don't ask Tories to try and refute what people like him say.
They're on the payroll.
Great guest Owen. His books are excellent for anyone like me who failed at economics at school...
Great interview with Ha-Joon. Lovely food metaphors in the new book. Why is the economics diet so poor in the UK, Owen asks? Because it is being run on sugar-highs...look at the stockmarkets during the Covid-crisis, or house prices, or unsustainably low interest rates since 2008 which have benefited asset managers and investment funds to the detriment of everyone else. Sugar-highs either end in a crash, or diabetes....either way, it doesn't end well....
That's a brilliant metaphor. I'm gonna seek out more from this guy.
@@rdean150 yeah, that one’s mine actually 😀. But inspired by Ha-Joon!
@@andym6256 Oh well done then!
Well Houses are expensive because of Regulation
The Impact of Supply Constraints on House Prices in England
Abstract
We test the theoretical prediction that house prices respond more strongly to changes in local earnings in places with tight supply constraints using a unique panel dataset of 353 Local Planning Authorities in England between 1974 and 2008. Exploiting exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: regulatory constraints have a substantive positive impact on the house price-earnings elasticity; the effect of constraints due to scarcity of developable land is largely confined to highly urbanised areas; and uneven topography has a quantitatively less meaningful impact.
Ha Joon Chang is a legend !
"Trickle Down Economics" eh?... Some what indisinguishable l from being pissed on! Err..what did I miss?
You didn't miss anything - the rich pissing on us is exactly what it is.
I think , we as people , ask the wrong question. We should ask ourselves what kind of society we would like to live in and based on the answer , tailor the economic system accordingly. An economy based on the Maslow’s hierarchy of needs is what best serves our human nature. Of course, implementing such a project is going to be extremely difficult. We have to battle 250 years of capitalist indoctrination. I do have hope for future generations as social and material conditions evolve, that they will eradicate the soul crushing vapidity of capitalism and implement socialism/humanism as guiding tenets of human endeavor. This is the dream of one incorruptible lefty!
At all...if the last 40 years were filled with regulations and tax increases which it probably was; 20 years of increasing progressivism, then it follows this age is JUST MODERATE capitalism...
No Britain has experienced mixed economics for last 20 years
Carers allowance in UK £69.70
Carers allowance in Ireland €235
What a great man 7:07
"Universal Basic Income" will end up as the best solution, probably not in my lifetime, unfortunatley but it's inevitable!
Where is the best proposal for a UBI that you know of? Would like to familiarise myself with the leading ideas in that area.
@@Pneumanon : "UtopiaFor Realists" (And how We Get There). Rutger Bregman. Universal Basic Income is not a new idea and this book explains how it has been proven to be quite successful in various trials.
@@lobintool Great. Thanks for that, I'll look it up.
@@Pneumanon : Let me know what you think about his analysis. From my point of view it's more pragmatic than ideological. Anyway make your own mind up!
In business a deficit is a failure and surplus a success. In neo liberal economics as i to understand it they think a country's budget being deficit is success and surplus is failure because a deficit means the private sector is doing well and a surplus would mean private companies doing worse. This is why we have had a global recession every decade since the 70s. There is a limited amount of money and you either distribute it to private companies more or tax payers of country's get more and private companies do worse. As i understand it. Could be wrong as always.
How do i get connect to prof Ha joon chang ?
It’s amazing that people will argue that we need tax cuts and deregulation to fix the current mess we’re in… with zero recognition that we’ve been doing tax cuts and deregulation for 4 decades, which is how we got here in the first place.
I’m all for trying out different strategies politically, but if something fails that bad, you don’t double down on it!
This is clearly wrong. Look at ANY western country taxation as a % of GDP and you will either see taxes not changing significantly or going up. And regulations became more intense as the years went by in all of the world.
@@zigoter2185
The top marginal tax rate and the corporate tax rate in the US are currently less than half of what they were in the 1960’s. Your argument would make sense if the cuts had been universal, but they weren’t. A tax cut for a small portion of the population isn’t going to make a big impact on the overall tax revenue, but it will have a massive impact on that particular group.
Same can be said for regulations. For example, the Glass-Steagall act was repealed in 1999, which led directly to the 2008 crash. It was then replaced with the Dodd-Frank act which was far more complicated but was also full of loop holes. Technically the banks have “more” regulations, but it doesn’t mean they are regulated anywhere near what they were under Glass-Steagall.
@@TheCommonS3Nse okay and? This doesn't matter at all, because effective tax rate has always been at around 17%.
Overall amount of regulations always grew under both democrats and republicans. Ruling party seemingly makes no difference.
*graph link below.
@@zigoter2185
I don’t think you understand the scale of what you’re talking about.
Trump’s 2017 tax cuts reduced the federal tax revenues from 18.1% of GDP down to 16.4% of GDP, so it’s still right around your 17% figure. Exactly like you said.
In real dollars, that translates into $275 billion that the government didn’t receive in taxes… in one year!
You’re handwaving away $275 billion because using a particular metric it’s only a 1-2% change. To put that into context, it would cost about $10 billion per year to feed every school child in America. It would cost about $20 billion to end homelessness.
I’ve read his book! Barb
I - da da - loved this video - da da
Who knew? eh!
Fantastic interview. If only politics and policies were informed by facts and comparative studies oriented towards effectiveness and efficiency instead of being an irrational reactionary mess
It is incredible how a man so well studied and intelligent can be so ignorant on economics. How inflation is caused by liberalism? Who owns the money printing bussiness? Perhaps you didnt realize that the central bank owns it. What is free market of that?
It is stupid to ask for optimism in a typical oligarchy.
a great economists should know there isnt one factor of growth. the question should be, what is the contribution of neo liberalism to the slow growth. the asian tigers grew astronomically and growth decline after they got to the frontier, this has nothing to do with neolibralism...just a natural ocurrence. growth in the 60s and 70s is not because the market was regulated, it was not.
I have no issue with neoliberalism in economy. my problem is with the government not using tax dollars for smart social programs and thinking that everything should be decided by the magical market. the government has to do with all the externalities left by the market and the issues that cannot be solved by markets and you cannot use cost effectiveness analyses there.
I once stood in a queue for tapas alongside Ha Joon Chang and his family. I was too shy to say hello. The tapas was horrible.
The West is still crazily wealthy. The 'trickle down effect' is still 'sort of' working.
The main news stories in the UK are about marginal small groups of people obsessing 'what type of human they might be deep down inside of themselves?'.
When people in the world are dying of starvation, disease and poverty. Literally working for rabbit droppings... people in the West are worried about or deeply concerned about 'what exactly is a woman'? This is the most outward sign of the deep malaise of Western decadence.
It's all self-indulgent navel-gazing. You can only do this... because you don't have to worry about dying of starvation, disease or poverty. Due to neoliberal economics... the people of the West can concentrate on trivialities and ignore the more complicated existential disasters that face humankind on a global scale. Thank you Capitalism, for making a billion people in the West completely self-obsessed.
He is sitting in SOAS!
Equality rich trickle down economics 🤔🤔🤭😅😂
The Laffer curve which economists (well some ) used to justify trickle down has now been proven to be voodoo economics by any serious economist.
Interviewer - "what meals do you think we are being served by the Conservative party"
Everyone who isn't rich - "have you read 120 of sod*m? That is their cookbook, fresh ingredients straight from UK beaches and we hate it"
I would love to go back to university just to have Ha-joon Chang as my proffessor.
With everything going on right now, the best decision to be on any creative man's heart is having a profitable investment strategy.
Investing is the code for having a successful financial life, investing with the right expert would free you from modern financial slavery.
Investing in crypto now is really cool especially with the current price in the market for now
I definitely agree this current DIP is a huge opportunity to buy the DIP and also high volatility to yield more profit for day traders
I wanted to trade crypto but got confused by the fluctuations in price
@@Kristenshwan The fluctuations of the market only affect those that hodl coins, but traders makes money on both sides, when it's bearish they go short when it's bullish they go long... The best strategy to use in trading crypto is to trade with a professional, like Fergus waylen he understand the market quite well, that way maximum profits are guaranteed.
I have also been trading with him and the profits are secured and over a 100% return on investment directly sent to your wallet.
Lack of trade discipline is the primary reason for in day trade losses. It is estimated that nearly 80-85% of day traders end up losing money in the stock market
Great interview . Show me where these policies have worked around the world and I will take notice . Please don’t say Venezuela or Columbia .
Didn’t he refer to Scandinavia early in the interview?
Average economic mythology. My man is acting as if free market has ever existed.
A Paraguay having lower taxes analogy. Look at economic freedom index in Paraguay. This is the reason for all busineses not working there. Not "lack of pensions".
In 1776, some colonies of the UK fought a war of independence from the world’s richest man, his corporation and the government he controlled. Just saying.
The Quality of Life is falling in skandinavian socities...
"richer" is a measure of make believe money. We have the ability, but the rich determine the willingness.
What does this mean?
@@ahmadisrar9446 it means money is an artificial construct the rich use as an excuse to kill the poor.
Thanks. you mean money is fantasy and the poor are the victim.thanks again clear now.
The scandanavian system you talk about is gone.
Your info is put of date.
I disagree with Thing 3 in Chang's book 23 THINGS THEY DON'T TELL YOU ABOUT CAPITALISM: "Most people in rich countries are paid more than they should be". This isn't true for working class people, only for corporate executives & other upper-middle-class & other elites & rentiers, i.e., for mid-level salaried workers & stock-dividend-collecting wealthy investors. Minimum- & below-minimum-wage workers aren't even paid enough to be able to afford all of the basics of a comfortable & economically secure life with needing welfare benefits.
Laissez-faire liberalism is not the same as neoliberalism though…
Coke is not the same as Pepsi
vegetables boiled to death
how come Owen never shows signs of ageing. it must be annoying to show ID when buying alcohol all the time.
Put this guy in charge of Neoliberal Blue New Labour.
Anybody could write a book but it's all to do with it's working How many members of the government have wrote books pontina how rich they are How their lives have changed Plus they understand how growth works especially when it's in their bank account are there in the uk or offshore And that's for a things trippling down it's usually when you go to the toilet and muss Some of the books that you will get off politics is just reading one flew over the cuckoo's nest All the medical round A few stories of new photos are it's pretty in a book and it makes Money
Do it and show us how it should be done. Even try reading some. It might help.
The Austrians are right, there is no freedom without sound money.
this guy looks exactly like my doctor
Yeah right, tell that to Latin America with the import's substition model and developmentalism. Chang's style of polices are what caused the 70s and 80s lost decade across LA and SA, and the reason why the governments of these countries inclined to the Washington Consensus in the first place. Do yourself a favor and read authors who do actual empirical work on commerce and development, like Michael Porter
What does he think of China’s state capitalism?
But being realistic, he didn't actually. If you went to the non-existent 'neo-liberal economics' conference and raised his points, you wouldn't get outright disagreement, you would get nuance. Because your idea of NLE doesn't actually exist as a monolith.
Way too many advert breaks for me
AdGuard - it's free and it's brilliant. Haven't seen an ad in years (just as well, as I can't afford to buy anything any more!)
what percentage of children in where prof. chang lives go to school with mold bread? 0.5%? and how many children went to school with mold bread in the 60s and 70s? you dont ask tough questions...
Everything he's saying is right but it all seems like super basic Keynesian stuff. He mentions something like having a conversation about the economy like so many other commentators but this is placing the burden on the poor an powerless. we need an opposition that are promising anything different to what the torries are and arent either lying every time they open their mouth or just refusing to answer the questions. Yes it will end up being down to us to build something better in the end, but lets acknowledge that weve been betrayed by the so called left, just like we always are. its not like its us not pulling our weight. We will just have to be the ones to try to rebuild from the start just like always.
Sorry, but No. You have a two party, majoritarian system that is run with donations from those who have money. Once the unions were neutered, you had 1 party with two faces. As you need money to win elections in this system, there is no Left. There is only soft or hard neoliberalism being offered, with the old style left being eased out of mainstream parties. Accordingly, the electoral system needs PR, and money needs to be removed out of politics. Then you will have contrasting views being represented.
Keynesian economics is complete garbage
Thank you for that. I wish people would learn a little about Modern Money Theory which explains how the economy really works, and not how people think it works. Perhaps Owen you could interview someone who understands it, such as Stephanie Kelton (The Deficit Myth), L Randall Wray, Warren Mosler.
Douglas Social Credit > MMT
As soon as i see destroys in a you tube title i get 😡. Very 😡
Fing millenials
😁
Ha-Joon Chang makes so much sense. A real humanitarian.
I like english/British food, done right, it's no worse or better than any other. Certainly better than Chinese: lots of spice and taste added to little substance. So a bad analogy there.
Well said. I like our food too - it goes with our weather, which makes it no different from any other world cuisine - they all depend on climate and available ingredients.
JC we miss you.
Blaming neoliberalism. How original.
We don't have Free-Market Capitalism - if we did, it would actually alleviate a lot of our societal problems. What we have is Corporatism!
Trouble is, there is no such thing as a genuinely free market in a world this complex.
@@oldishandwoke-ish1181 explain?
Owen, classic overselling, immediately tried to buy Ha-Joon’s new book only to find it’s not available until June 2023 😢
Britain has a very regulated economy. To blame neoliberalism for the problems today is totally unfounded:
In Scotland wages are fixed by the state, going against the traditional method of wages being formed on the market, just like prices are. Also, the British NHS is state funded and no competition is allowed in healthcare, thus no better alternatives are allowed to form. The authortarian government lockdowns have also done untold damage to the economy, what people now call the 'cost of living crisis'. Furthermore, it is government that has a monopoly on the printing press, printing countless cash and thereby causing inflation.
The Keynesian dream is still in power, i.e., government dominance in the economy. The neoliberal dream is to get government out of the economy. Let individuals provide services for the consumer without stealing their income through 'taxation'. Both Labour and Tory parties share the same economic ideology, that of Keynesian interventionism, or socialism lite.
Virtually every economic problem we have today is because of government. Therefore, it is only logical to deregulate industries and get government out of the economy. Individuals know how to use their own money better than the government. That is the neoliberal philosophy.
"The issue is always the same. Government or the market. There is no third solution."
- Ludwig von Mises