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/

Solutions

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 1 year ago

Next > < Previous

Related Solutions

What does Nietzsche mean when he says "God is dead"?

What does Piaget mean when he says development comes before development? What does Vygotsky mean when...

What does Piaget mean when he says development comes before development? What does Vygotsky mean when he says learning comes before development?

What does McPherson mean when he says "amateurs go to war"?

What exactly does Sartre mean when he says that "If God does not exist, then everything...

What exactly does Sartre mean when he says that "If God does not exist, then everything is permitted"? Do you agree with him? Why or why not?

what does Foucault mean when he says "visibility is a trap"how does it relate to...

what does Foucault mean when he says "visibility is a trap"how does it relate to todays enhanced society of control and surveillance?

What does Kant mean when he says, “Even if… this will is entirely lacking in power...

What does Kant mean when he says, “Even if… this will is entirely lacking in power to carry out its intentions; if by its utmost effort it still accomplishes nothing, and only good will is left; even then it would still shine like a jewel for its own sake as something which has its full value in itself”?

What does Darwin mean when he says that natural selection will change the structure of the...

What does Darwin mean when he says that natural selection will change the structure of the young in relation to the parent, and of the parent in relation to their young? Is this talking about social features of an animal? -Based on Darwin, The Origin of Species

What exactly does Sartre mean when he says that"if Goddoes not exist, then everything is...

What exactly does Sartre mean when he says that"if God does not exist, then everything is permitted"? Do you agree with him? Why or why not?

What does Durkheim mean when he says that rituals provide anopportunity for the idealization of...

What does Durkheim mean when he says that rituals provide an opportunity for the idealization of society?

What does Dawkins mean when he says that a radioactive clock must be “zeroed”? How/when is...

What does Dawkins mean when he says that a radioactive clock must be “zeroed”? How/when is this achieved in igneous rocks? What is an “unstable” isotope? What is meant by “half-life” and how does it help us determine the age of a rock? How can we use fossils to date strata when there are no igneous rocks present?

Subjects