“The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.”

— Ha-Joon Chang, book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Prologue, p. 15
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)

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Ha-Joon Chang44

Economist 1963

Frank Dobbin (1956) American sociologist

Frank Dobbin (1993), "The Social Construction of the Great Depression: Industrial Policy during the 1930s in the United States, Britain and France," in: Theory and Society 22, p. 49; As cited in: Kieran Healy (1998)

“Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion—the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals—the technique of the market place.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: (1962), Ch. 1 The Relation Between Economic Freedom and Political Freedom, pp. 12-13

“The market does not exist in the pure state. It is shaped by the cultural configurations which define it and give it direction.”

Pope Benedict XVI (1927) 265th Pope of the Catholic Church

2009, Cartias in Vertitate (29 June 2009)

“The free market tide has now receded. In its place has come state capitalism, a system in which the state functions as the leading economic actor and uses markets primarily for political gain.”

Ian Bremmer (1969) American political scientist

"State Capitalism Comes of Age," http://www.foreignaffairs.com/articles/64948/ian-bremmer/state-capitalism-comes-of-age Foreign Affairs (May/June 2009).

“The North wants unification under its own flag, while South Korean progressives want the two states to coalesce over decades of mutually beneficial economic cooperation.”

Brian Reynolds Myers (1963) American professor of international studies

2010s, Portrait of the Ally as an Intermediary (March 2018)

“[T]here could be no guarantee in a free market that the interests of race or state as Hitler defined them would take priority over the interests of businessmen or consumers. After 1933 the role of the state in regulating and directing economic life increased sharply, first in order to encourage economic revival, then to divert economic resources to the growth of German military power… [which] led, in an unplanned, incremental way, to the establishment of a kind of command economy.”

Richard Overy (1947) British historian

Source: War and Economy in the Third Reich (1994), pp. 1–2

“Social costs… are all direct and indirect losses sustained by third persons or the general public as a result of unrestrained economic activities.”

Karl William Kapp (1910–1976) American economist

Source: Social Costs of Business Enterprise, 1963, p. 12. Cited in: M. Rangone & S. Solari (2012) "Southern European capitalism and the social costs of business enterprise". in: Studi e Note di Economia, Anno XVII, n. 1-2012, pp. 3-28

“Under central planning neither planners, managers, nor workers had incentives to promote the social economic interest. Nor did impeding markets for final goods to the planning system enfranchise consumers in meaningful ways. But central planning would have been incompatible with economic democracy even if it had overcome its information and incentive liabilities. And the truth is that it survived as long as it did only because it was propped up by unprecedented totalitarian political power.”

Robin Hahnel (1946) American economist

Robin Hahnel, The ABC's of Political Economy, (2002) London: Pluto Press. p. 262.

“Property rights, governance structures and rules of exchange are arenas in which modern states establish rules for economic actors. States provide stable and reliable conditions under which firms organize, compete, cooperate and exchange. The enforcement of the laws affects what conceptions of control can produce stable markets. There are political contests over the content of laws, their applicability to given firms and markets, and the extent and direction of state intervention into economy. Such laws are never neutral. They favor certain groups of firms.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

“The first economic revolution was not a revolution because it shifted man's major economic activity from hunting and gathering to settled agriculture. It was a revolution because the transition created an incentive change for mankind of fundamental proportions. The incentive change stems from the different property rights under the two systems. When common property rights over resources exist, there is little incentive for the acquisition of superior technology and learning. In contrast, exclusive property rights which reward the owners provide a direct incentive to improve efficiency and productivity, or, in more fundamental terms, to acquire more knowledge and new techniques. It is this change in incentive that explains the rapid progress made by mankind in the last 10,000 years in contrast to his slow development during the long era as a primitive hunter/gatherer.”

Douglass C. North (1920–2015) American Economist

Source: The rise of the western world, 1973, p. 240-1, as cited in: Thrainn Eggertsson (1990), Economic behavior and institutions. p. 255-6

“The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.”

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