Does market-led development have a future?

Speaker(s): Dr Ha-Joon Chang, Professor Danny Quah
Chair: Professor Robert Wade
Recorded on 15 May 2013 in Old Theatre, Old Building.
The Department of International Development's third annual Development Debate will consider the topic "Does market-led development have a future?". The debate is organized by the Development Management Programme, and features two world authorities on economic growth and development, Professor Danny Quah of the LSE, and Dr Ha-Joon Chang of Cambridge.
Ha-Joon Chang is one of the leading heterodox economists and institutional economists specialising in development economics. Currently Reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several best-selling books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002) and 23 Things They Don't Tell You About Capitalism (2010). He has served as a consultant to the World Bank, the Asian Development Bank and the European Investment Bank as well as to Oxfam and various United Nations agencies. He is also a fellow at the Center for Economic and Policy Research in Washington, D.C.

[@Xenu]

Not only is Prof. Chang intelligent and well-informed but he is also an excellent and very accessible writer.

[@DafuqGamerz]

Ha-Joon Chang has a clear understanding of the realities of economics. He understands the fundamental forces and how they move and flux. I actually started thinking somewhat opposing him but no longer. I just cant argue with his logic. Danny Quah's argument was clearly a High School buddying idealogue's argument from the ethical standpoint that Communism is evil. Im American, I like my democracy but how can one argue with China's success? When i listen to Chang, I see more clearly; my understanding expands. Quah - you can hear his drivel on Fox News every night...

[@XarXXon]

I just wonder how much "market" there willl be left once every household has a 3D printer, solar panels a hydro culture garden etc, and AI's like IBM's Watson do the work.

[@marcusporciuscatotheyounge5795]

Not very impressed. He is a warmed over European Socialist of the post war era. Not even Europe and Canada follow this big Gov't model any more. All the previous mentioned countries deregulated their Economies and became more business friendly. Their GDP grew. Only Capitalist Nations, with an Emphasis on Free Markets ,has ever brought all their citizens out of abject Poverty. Ha Joon Chan will be forgotten in a few years as Capitalism recovers from the Gov't excess, that put the world into this financial crisis.
Developing Nations can only develop to first world Living Standards if foreign aid is diminished and Capitalism is emphasized. For Example: after the Berlin Wall fell, East Germany was the slowest to grow. How ever, they got the most foreign aid by orders of magnitude above other freed nations. The nations that grew the fastest were economies that followed Milton Freidman's " Capitalism and Freedom" and/or "Free to Choose".