23 Things They Don't Tell You About Capitalism: Book Review

Introduction

23 Things They Don't Tell You About Capitalism by Ha-Joon Chang is a captivating and thought-provoking read that aims to provide readers with fundamental truths about capitalism that are not easily perceived or widely known. The book covers information about capitalism that most people would overlook or fail to consider in any depth. Upon reading it, several arguments stood out as genuinely surprising and illuminating. Three in particular — concerning household technology, the nature of industrial society, and the relationship between education and national wealth — challenged prior assumptions significantly. Chang's treatment of the free market was equally instructive. Together, these arguments offer a richer and more honest picture of how capitalism actually functions.

Technology and the Washing Machine Argument

One of the most surprising arguments in the book is Thing 4, which contends that the washing machine has transformed the world more than the internet. This claim is initially counterintuitive because we are accustomed to being fascinated by the spectacles of computing. Technological advances such as the internet and telecommunications are typically regarded as the forces that have reshaped modern life. However, Chang reminds us that the world we inhabit would look dramatically different without machines that make household chores manageable. We tend to forget the profound social changes — particularly for women — brought about by labor-saving domestic appliances. This argument encouraged a reconsideration of which technologies deserve the most credit for reshaping everyday life (Chang, 2012).

Living in a Post-Industrial Age

Another insightful argument is Thing 9, which states that we do not live in a post-industrial age. This is surprising because the prevailing assumption in wealthy nations is that manufacturing has given way to a service-based economy. In reality, people continue to purchase large quantities of goods produced in factories. What has changed is that rising productivity has made manufactured products considerably cheaper relative to services, creating the impression that industry is less central than it once was. Chang argues that this perception is misleading, and that industrial production remains a vital component of modern economies (Chang, 2012).