Agents Quote by Ha-Joon Chang
“Between the Great Depression and the 1970s, private business was viewed with suspicion even in most capitalist economies. Businesses were, so the story goes, seen as anti-social agents whose profit-seeking needed to be restrained for other, supposedly loftier, goals, such as justice, social harmony, protection of the weak and even national glory.”
About This Quote
Source Book: Economics: The User's Guide, Ha-Joon Chang, 2014
The quote critiques the historical suspicion toward private enterprise, noting that it was often seen as a threat to social goals and required regulation for broader societal values.
In simple terms: People doubted private business, fearing it ignored social good.
Key Takeaway
Recognize the balance between profit motives and social responsibilities.
Themes
economics
history
capitalism
social justice
regulation
Mood
critical
analytical
thoughtful
Type
historical
economic
political
When to use this quote
- policy debates
- business ethics
- public perception
- regulatory design
Key Concepts
public good
market failure
state intervention
Questions to Reflect On
- How can we ensure profit motives align with social welfare?
- What mechanisms best balance regulation and entrepreneurship?
A Different Perspective
It may overlook successful private sector contributions to innovation and welfare.
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