23 Things they don't tell you about Capitalism

Clarifying that he doesn’t oppose capitalism itself but rather the unfettered, corporate-controlled capitalism of the recent past, Chang offers several principles to assist in a “total re-envisioning of the way we organize our economy and society” (252). Any new system must consider the limits of human rationality while recognizing that people are not motivated solely by self-interest. Instead of assuming that market outcomes are automatically just, economies should account for structural factors that limit individual achievement. Rather than relying primarily on knowledge and service industries, economies (particularly developing ones) should refocus on manufacturing. Financial assets, meanwhile, should be balanced with real sector activities to prevent instability. In all of these areas, the government should be an active participant. Global governing bodies should allow and encourage developing countries to implement the most helpful policies. Following these principles, Chang insists, can alleviate suffering and help economies avoid repeating the mistakes of the past.