There is No Such Thing as a Free Market

Professor Ha-Joon Chang discusses his book '23 Things They Don't Tell You About Capitalism', emphasizing the inseparability of politics and economics. He challenges the notion of a free market, arguing that all markets are regulated and politically influenced. Through personal anecdotes, he illustrates how market objectivity is a myth, shaped by cultural and political factors.

What is the main argument presented by Professor Ha-Joon Chang regarding the free market?

• Markets operate best without any regulations.

• Free markets are scientifically defined and should not be altered.

• Free markets are completely independent of politics.

• All markets are influenced by regulations and political factors.

How does the American labor market illustrate the concept of market regulations?

• It allows child labor and slavery.

• It is the most regulated market in the world.

• It has regulations that are often overlooked due to their acceptance.

• It is completely free of any regulations.

What is the critique of the assertion that market boundaries are scientifically defined?

• Market boundaries are universally agreed upon.

• Market boundaries should never be altered.

• Market boundaries are politically motivated and subjective.

• Market boundaries are purely scientific and objective.

What personal experience does Professor Chang share about market practices in Korea?

• Korea had the same market practices as Britain.

• Korean stores did not allow returns unless items were faulty.

• Korean stores allowed easy returns of purchased items.

• Korea had no market regulations in the 1980s.

What is the fundamental point made about the myth of market objectivity?

• Markets can be scientifically defined without political influence.

• Market objectivity is a universally accepted concept.

• Markets are objective and should not be influenced by politics.

• The idea of market objectivity is misleading as markets are politically influenced.