System Update with Glenn Greenwald South Korean Economist Ha-Joon Chang on the Economic World Order, Trump's Tariffs, China & More
Feb 21, 2025
Ha-Joon Chang, a South Korean economist and author known for his critiques of international economics, dives into the world's financial frameworks. He unpacks the IMF's and World Bank's roles, spotlighting the hypocrisy of rich nations in promoting austerity measures. The discussion also navigates U.S.-China economic rivalry, the impact of tariffs on American industry, and the failures of neoliberal policies that fuel inequality. Chang emphasizes the need for economic literacy to empower democracy against oligopolistic influences.
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Kicking Away the Ladder
- Rich countries used protectionist policies to develop, like tariffs and state-owned enterprises.
- Now they advise developing countries against these same policies, hindering their growth.
Government Spending and Innovation
- Many billionaires, enriched by internet-based companies, advocate for government spending cuts.
- Ironically, the internet itself resulted from massive government investment, demonstrating a contradiction.
The Role of International Institutions
- International institutions like the World Bank and IMF often impose austerity on developing countries.
- This is likely backed by rich countries who benefit from maintaining these countries' dependence.
