What does Ha Joon Chang mean when he says “there is no such thing as a...

What does Ha Joon Chang mean when he says “there is no such thing as a free market”? Write a short paragraph.

the reading text link ist that :

https://truthout.org/articles/there-is-no-such-thing-as-a-free-market/

Expert Solution

In the related article, Ha Joon Chang wanted to convey that there exists no market in this world where only the invisible forces of demand and supply exists, without any government interference. Market whether big or small has always been with some rules that restricts freedom of choice.

Free trade does not amount to fair trade. Free trade does not see what is good or bad for society at large. Free trade does not provide any importance to concept of a just system.

Hence, free trade has just reduced to being discussed in some textbook. It does not exist in reality.

Laws such as Labor laws defining age for entry in labor force, minimum wage laws, are operational in the market. Some industry such that the ones that produce chemical wastes and air, water or land pollution have rules governing environment to overcome problems of negative externalities. Markets are today also governed by rules of trade so that when a contract is entered between a buyer and seller, it becomes legally binding contract. Seller is governed b rules of specifying sufficient information about the product and related health concerns. Consumers has the right to obtain right product. People would also witness provision of maximum price applicable in some products so that they remain within the reach of common man.

Industry need to comply with health & safety standards for its employees.

Thus, free market concept is only a popular notion. The market boundaries are ambiguous and cannot be determined in an objective way.

Rahul Sunny answered 2 years ago

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