Ha-Joon Chang, "Keynesianism for the rich, monetarism for the poor," ch. 7 of Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008).
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Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.
— Ha-Joon Chang on Monetarism
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor." in the context of "Ha-Joon Chang, "Keynesianism for the rich, monetarism for the poor," ch. 7 of Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)." to mean that wisdom is timeless.
Source: Wikiquote: "Monetarism" (Quotes)
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About Ha-Joon Chang
Ha-Joon Chang (Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in development economics. Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002). In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.
About Ha-Joon Chang
Ha-Joon Chang (Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in development economics. Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002). In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.
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