Overspending’s not main cause of deficits: Ha-Joon Chang
Cutting the deficit is the battle cry of many countries’ leaders these days. But, begging to differ, Cambridge University economist Ha-Joon Chang says this is a mistake that ignores the core problem causing the financial crisis.
Chang was speaking in a video interview published online yesterday for the Guardian (“In the worst case scenario these cuts might actually increase the deficit” Nov 22, 2010).
Chang names a different culprit as the cause of deficits and offers ideas for recovery. Chang is the author of the recently published book “23 Things They Don’t Tell You About Capitalism” (see earlier post here).
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