Ha-Joon Chang, Economics : the user's guide, 2014
first published 2014
this paperback edition published 2015
pp.222-223
In 1982, Chile got into a major banking crisis, following the radical financial market liberalization in the mid-1970s under the Pinochet dictatorship
late 1980s, the Saving and Loans (S&L) companies in the US got into massive troubles,
the 1990s started with banking crisis in Sweden, Finland and Norway, following their financial deregulation in the late 1980s,
Then there was the ‘tequila’ crisis in Mexico in 1994 and 1995.
This was followed by crisises in the ‘miracle’ economies of Asia ─ Thailand, Indonesia, Malaysia and South Korea ─ in 1997, which had resulted from their financial opening up and deregulation in the late 1980 and the early 1990s.
On the heels of the Asian crisis came the Russian crisis of 1998.
The Brazilian crisis followed in 1999 and the Argentinian one in 2002, both in part the results of financial deregulation.
p.238
; this is known as the reference group. We actually don't really care that much how well people who do not belong to our own reference groups are doing.*
p.39
The fact is that capitalism developed first in Western Europe.
p.41
this expansion involved expropriating land, resources and people for labour from the native populations through colonialism.
p.42
Beginning with Portugal in Asia and Spain in the Americas from the late 15th century, the Western European nations ruthlessly move out. By the middle of the 18th century, North America was divided up between Britain, France and Spain. Most Latin American countries were ruled by Spain and Portugal until the 1810s and the 1820s. Parts of India were ruled by the British (mainly Bengal and Bihar), the French (the south-eastern coast) and the Portuguese (various coastal areas, especially Goa).
Ha-Joon Chang, Economics : the user's guide, 2014
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