StickWithANose

One of the most frustrating aspects of education policy is the pre-dominance of ‘free marketeers’ driving public discourse on schooling despite the fact that the world economy continues to struggle after an economic meltdown brought about, in large part, by ‘free market’ ideology. While a small subset of economists and political economists are attempting to move beyond the construct of the standard model, it appears as though we’ve learned precious little from the Great Recession. What’s needed right now more than ever is some fresh thinking across the board starting with political economy. In today’s post, I’d like to highlight the work of Ha-Joon Chang who is attempting to do just that…

A leading economist has likened the nation’s acceptance of free-market capitalism to that of the brainwashed characters in the film The Matrix, unwitting pawns in a fake reality. In a controversial new book, the Cambridge economist Ha-Joon Chang debunks received wisdom on everything from the importance of the internet to the idea that people in the United States enjoy the highest standard of living in the world; an iconoclastic attitude that has won him fans such as Bob Geldof and Noam Chomsky…

South-Korean born Dr Chang aims to disprove what he sees as economic myths, including the idea that people are paid what they are worth, that the “trickle down” effect of increasing wealth among the rich helps the poor, and that education makes countries more prosperous…

A leading development economist, Dr Chang was much lauded for his 2007 book Bad Samaritans, which looked at the negative effects of globalisation on developing countries. He is now bringing his focus closer to home, considering problems in the UK. “It is like The Matrix. There is a reality where things could and should be better,” he said. “In order to wake people up to that alternative reality, you need to show them that it isn’t impossible. I’m not necessarily saying that I have a solution, but we have to recognise that some of the things we accept as inevitable aren’t.”

But while Dr Chang may not have the answer, he is sure of the problem – arguing that free-market capitalism has left the global economy more unstable, and people with less job security and greater feelings of insecurity, than ever before. His conviction that, post-recession, we should be rebuilding our country in a “moral” way – by acknowledging the social consequences of economic choices such as benefit cuts and job losses – will strike a chord with many.

“Another myth that needs to be busted is the idea that we can discuss economics without any moral implications,” he said. “What kind of economy we build changes us, so what we do in terms of monetary policy determines who we are.”

Dr Chang also highlights the way in which economics impacts not just on our wages and living standards, but also on our characters. He said: “In conventional economic theory, it is thought that we are born as perfectly formed, rational, self-serving agents. But where you work and what kind of work you do are important in determining your character.”

[Programming Note] I’m starting a new semester, so my schedule this week will be hectic with prepping lectures, creating assignments, and all of the other fun stuff adjunct professors are paid [poorly] to do. Posting may be a little sporadic this week.