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Man is the Child of his Environment

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Ha-Joon Chang

Manufacturing is the most important. . . route to prosperity.

Important, Manufacturing, Prosperity, Route, Routes
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Making rich people richer doesn't make the rest of us richer.

Make, People, Rest, Rich, Wealth

Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rick as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.

Cutting, Doe, Economics, Simple, Tax, Work

As South Korea shows, active participation in international trade does not require free trade. Indeed, had South Korea pursued free trade and not promoted infant industries, it would not have become a major trading nation. It would still be exporting raw materials (e. g. , tungsten ore, fish, seaweed) or low-technology, low-price products (e. g. , textiles, garments, wigs made with human hair) that used to be its main export items in the 1960s.

1960S, Hair, Korea, Ore, Require, Technology

Equality of opportunity is not enough. Unless we create an environment where everyone is guaranteed some minimum capabilities through some guarantee of minimum income, education, and healthcare, we cannot say that we have fair competition. When some people have to run a 100 metre race with sandbags on their legs, the fact that no one is allowed to have a head start does not make the race fair. Equality of opportunity is absolutely necessary but not sufficient in building a genuinely fair and efficient society.

Equality, Everyone, Opportunity, Race, Running, Start

The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.

Income, People, Proportion, Tend, Way
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