Capitalism is not the only economic system from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
It is commonly assumed that capitalism is the only economic system that works. However, this is not entirely true. There are other economic systems that have been successful in different parts of the world. For example, in parts of Scandinavia, there is a system known as the Nordic model, which combines elements of capitalism and socialism. This system has been successful in providing a high standard of living for its citizens while also ensuring social welfare. In the case of Japan, the country has adopted a system known as state-guided capitalism. This system involves close cooperation between the government and businesses, with the government playing a significant role in shaping the direction of the economy. This has allowed Japan to become a major economic power and achieve rapid industrialization in the post-war period. Another example is China, which has adopted a system known as state capitalism. In this system, the government plays a dominant role in the economy, owning and controlling many of the major industries. This has enabled China to achieve rapid economic growth and become a global economic superpower. These examples demonstrate that capitalism is not the only economic system that can lead to economic success. Different countries have adopted different economic systems that have proven to be successful in their own ways. It is important to recognize that there are alternatives to capitalism and to consider the strengths and weaknesses of each system in order to determine what works best for a particular country or society.
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