People who live in poor countries have to be entrepreneurial even just to survive.
Ha-Joon ChangRead
The widely accepted assertion that, only if you let markets be will everyone be paid correctly and thus fairly, according to his worth, is a myth. Only when we part with this myth and grasp the political nature of the market and the collective nature of individual productivity will we be able to build a more just society in which historical legacies and collective actions, and not just individual talents and efforts, are properly taken into account in deciding how to reward people.
Interpretation
What this quote means
This quote critiques the idea that free markets automatically ensure fair compensation for everyone's contributions.
Ha-Joon Chang argues that the widely held belief in the fairness of market-driven rewards is flawed. He emphasizes the necessity of recognizing the political underpinnings of markets and the importance of collective efforts and historical context in shaping individual productivity and compensation. By acknowledging these factors, society can create a more equitable system for rewarding individuals based on their true contributions.
Themes
MarketsFairnessRewardSocietyProductivity
In practice
Example use cases
This quote can be used in a presentation about economic equity.
More from Ha-Joon Chang
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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get a better view, promoting the others behind them to stand. Once enough people stand, everyone has to stand, which means no one is getting a better view, while everyone has become more uncomfortable.
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There is no such thing as a free market.
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[Good managers] know that people have 'good' sides and 'bad' sides and that the secret of good management is in magnifying the former and toning down the latter.
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