Chang Ha-joon, a Korean-born professor who now teaches at Cambridge University, has rolled out a new book and it’s becoming controversial, meaning it sells well.
Chang’s new release, “23 Things they don’t tell you about capitalism,” is a sequel to his previous bestseller “Good Samaritans,” which was a harsh critique on capitalism which is based on neo-liberalism. The new release is one that takes one step further in that direction.
In South Korean society, attacking capitalism is a good way to invite a “leftist” label. Chang, however, brushes aside such simplistic view. “During the Cold War era, the term ‘capitalism’ was a leftist vocabulary. There are some in South Korea who still believe so. But that’s a very unique Korea’s societal circumstance,” said the professor in an interview with JoongAng Ilbo newspaper on Saturday.
“Criticizing free market system doesn’t necessarily mean rejecting capitalism. Capitalism remains as the most viable economic system. As long as you acknowledge it, you can still criticize capitalism,” he said.
In the interview, he refused to have himself drawn into the left-right ideological category. “As a scholar, I am just writing what I believe is right. The leftist or rightist label doesn’t mean much to me.
“What is regarded liberal in South Korea could be regarded conservative in Europe. It’s relative. For example, in Europe you will be regarded conservative if you argue for the independence of the central bank, but in Korea you are labeled to be liberal.”
Chang said the widespread misconception on economic knowledge was his motivation to pen the new book. “Some people have fairy-tale belief on liberal market economy and economics. I want to wake them up,” he said.
“The conventional economics texts have long argued that despite the unfairness of the market, the market is yet the most efficient and good for the majority. But we have to admit that human rationale has also has its limit,” he said.
In his book, Chang’s observation on economics and insight gained from it also expands to other aspects of society as well. For example, he warns against the overheated educational zeal in South Korea, which sends 85 percent of its high school graduates to college.
“If college entrance rate is too high, then even those who don’t have to go to college go to college. This is a waste from the economics’ perspective,” he said.
His challenges readers with his uncommon observations and how they can be alternatively viewed under an economist’ perspectives. The Korean edition will come out in October.