--- title: "Meaning & Key Takeaway of: Between the Great Depression and the…" description: "\"Between the Great Depression and the 1970s, private business was viewed with suspicion even in most capitalist economies. Businesses were, so the story..." image: "https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg" --- # Between the Great Depression and the 1970s, private… ![“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…” quote by Ha-Joon Chang](https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg) [Download](https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg) [Open image](https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg) > “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.” [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. 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. ★ ★ ★ ★ ★ No ratings yet [1970S Private](https://sms4smile.com/quotes/about/1970s-private-683524/) [Agents](https://sms4smile.com/quotes/about/agents/) [Anti social](https://sms4smile.com/quotes/about/anti-social/) [Business](https://sms4smile.com/quotes/about/business/) [Capitalist](https://sms4smile.com/quotes/about/capitalist/) [Capitalist Economies](https://sms4smile.com/quotes/about/capitalist-economies-412654/) [Economy](https://sms4smile.com/quotes/about/economy/) [Glory](https://sms4smile.com/quotes/about/glory/) [Goal](https://sms4smile.com/quotes/about/goal/) [Great depression](https://sms4smile.com/quotes/about/great-depression/) [Harmony](https://sms4smile.com/quotes/about/harmony/) [Justice](https://sms4smile.com/quotes/about/justice/) [Needed](https://sms4smile.com/quotes/about/needed/) [Peace](https://sms4smile.com/quotes/about/peace/) [Private Business](https://sms4smile.com/quotes/about/private-business-305206/) [Profit](https://sms4smile.com/quotes/about/profit/) [Protection](https://sms4smile.com/quotes/about/protection/) [Social](https://sms4smile.com/quotes/about/social/) [Social harmony](https://sms4smile.com/quotes/about/social-harmony/) [Stories](https://sms4smile.com/quotes/about/stories/) [Suspicion](https://sms4smile.com/quotes/about/suspicion/) [Suspicion Capitalist](https://sms4smile.com/quotes/about/suspicion-capitalist-683523/) [Weak](https://sms4smile.com/quotes/about/weak/) ## Related quotes > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [If we looked in the world of 1945 and looked at the map of capitalist economies and democratic polities, they were the rare exception,…](https://sms4smile.com/quotes/ashraf-ghani/if-we-looked-in-the-world-of-1945-and-looked-at-the-map-of-capitalist/) [Ashraf Ghani](https://sms4smile.com/quotes/author/ashraf-ghani/) > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not,](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence-2/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Our tragedy today is not just that millions of people who called themselves communist or socialist were physically liquidated in Vietnam, Indonesia, Iran, Iraq,…](https://sms4smile.com/quotes/arundhati-roy/our-tragedy-today-is-not-just-that-millions-of-people-who-called/) [Arundhati Roy](https://sms4smile.com/quotes/author/arundhati-roy/) > [The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.](https://sms4smile.com/quotes/james-tobin/the-miserable-failures-of-capitalist-economies-in-the-great/) [James Tobin](https://sms4smile.com/quotes/author/james-tobin/) > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Do policy makers have the knowledge and ability to…](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence-3/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Productivity - the amount of output delivered per hour of work in the economy - is often viewed as the engine of progress in…](https://sms4smile.com/quotes/tim-jackson/productivity-the-amount-of-output-delivered-per-hour-of-work-in-the/) [Tim Jackson](https://sms4smile.com/quotes/author/tim-jackson/) > [When we want to have our own style of living, it is nobody's business but ours. What we do in private is our private…](https://sms4smile.com/quotes/eartha-kitt/when-we-want-to-have-our-own-style-of-living-it-is-nobody-s-business/) [Eartha Kitt](https://sms4smile.com/quotes/author/eartha-kitt/) > [You should resolve not to seek public approval of your private business, when you are not also prepared to accept public disapproval.](https://sms4smile.com/quotes/judith-martin/you-should-resolve-not-to-seek-public-approval-of-your-private/) [Judith Martin](https://sms4smile.com/quotes/author/judith-martin/) > [When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private…](https://sms4smile.com/quotes/henry-hazlitt/when-the-government-makes-loans-or-subsidies-to-business-what-it-does/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T…](https://sms4smile.com/quotes/john-kenneth-galbraith/men-will-look-back-in-amusement-at-the-pretence-that-once-caused/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [If you're working as secretary of state but half of your emails are about your own private business, since when is secretary of state…](https://sms4smile.com/quotes/jill-stein/if-you-re-working-as-secretary-of-state-but-half-of-your-emails-are/) [Jill Stein](https://sms4smile.com/quotes/author/jill-stein/) > [The Republican platform specifically says we don't believe in bailing out private business, and yet we did.](https://sms4smile.com/quotes/rand-paul/the-republican-platform-specifically-says-we-don-t-believe-in-bailing/) [Rand Paul](https://sms4smile.com/quotes/author/rand-paul/) > [I do not have any official responsibilities related to the Australian Olympic Committee or the Federation of Athletic Associations since I am too busy…](https://sms4smile.com/quotes/cathy-freeman/i-do-not-have-any-official-responsibilities-related-to-the-australian/) [Cathy Freeman](https://sms4smile.com/quotes/author/cathy-freeman/) > [There are no laws that prohibit an American president from continuing to be involved in their private business matters while in office, right?](https://sms4smile.com/quotes/rachel-martin/there-are-no-laws-that-prohibit-an-american-president-from-continuing/) [Rachel Martin](https://sms4smile.com/quotes/author/rachel-martin/) ## More by Ha-Joon Chang > [“In no country does the average income give the right picture of how people live but in a country with higher inequality it is…](https://sms4smile.com/quotes/ha-joon-chang/in-no-country-does-the-average-income-give-the-right-picture-of-how/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Sometimes people with strong ideology, whether left-wing or right-wing, refuse to do something simply because they believe it is wrong, when doing it actually…](https://sms4smile.com/quotes/ha-joon-chang/sometimes-people-with-strong-ideology-whether-left-wing-or-right-wing/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying…](https://sms4smile.com/quotes/ha-joon-chang/every-market-has-some-rules-and-boundaries-that-restrict-freedom-of/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Indeed, willingness to challenge professional economists and other experts is a foundation stone of democracy. If all we have to do is to listen…](https://sms4smile.com/quotes/ha-joon-chang/indeed-willingness-to-challenge-professional-economists-and-other/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [If we are really serious about preventing another crisis like the 2008 meltdown we should simply ban complex financial instruments, unless they can be…](https://sms4smile.com/quotes/ha-joon-chang/if-we-are-really-serious-about-preventing-another-crisis-like-the/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“Harry S. Truman, in his typical no-nonsense style, once said that ‘An expert is someone who doesn’t want to learn anything new, because then…](https://sms4smile.com/quotes/ha-joon-chang/harry-s-truman-in-his-typical-no-nonsense-style-once-said-that-an/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Rational thinking is an important aspect of human nature, but we have imagination, we have ambition, we have irrational fear, we are swayed by…](https://sms4smile.com/quotes/ha-joon-chang/rational-thinking-is-an-important-aspect-of-human-nature-but-we-have/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved…](https://sms4smile.com/quotes/ha-joon-chang/the-history-of-capitalism-has-been-so-totally-re-written-that-many/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.](https://sms4smile.com/quotes/ha-joon-chang/equality-of-opportunity-is-meaningless-for-those-who-do-not-have-the/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get…](https://sms4smile.com/quotes/ha-joon-chang/the-higher-education-system-in-these-countries-us-korea-etc-has/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy…](https://sms4smile.com/quotes/ha-joon-chang/what-free-market-economists-are-not-telling-us-is-that-the-politics/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [ “Joseph Schumpeter emphasized that all analysis in economics is preceded by a pre-analytical cognitive act, called vision, in which the analyst ‘visualise\[s\] a distinct… ](https://sms4smile.com/quotes/ha-joon-chang/joseph-schumpeter-emphasized-that-all-analysis-in-economics-is/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“All technical professionals have an incentive to make themselves look more complicated than they are so that they can justify the high fees their…](https://sms4smile.com/quotes/ha-joon-chang/all-technical-professionals-have-an-incentive-to-make-themselves-look/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [I'm not an anti-capitalist, or anarchist. I want capitalism to work.](https://sms4smile.com/quotes/ha-joon-chang/i-m-not-an-anti-capitalist-or-anarchist-i-want-capitalism-to-work/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“all technical professions have an incentive to make themselves look more complicated than they really are so that they can justify the high fees…](https://sms4smile.com/quotes/ha-joon-chang/all-technical-professions-have-an-incentive-to-make-themselves-look/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) [Explore all 129 Ha-Joon Chang quotes ](https://sms4smile.com/quotes/author/ha-joon-chang/) ## More Agents quotes > [The image of blacks usually is one of people who are suffering from hunger, unemployment, and poverty. The idea of them as agents and…](https://sms4smile.com/quotes/grace-lee-boggs/the-image-of-blacks-usually-is-one-of-people-who-are-suffering-from/) [Grace Lee Boggs](https://sms4smile.com/quotes/author/grace-lee-boggs/) > [ I don't see \[ Trainspotting \] as an albatross, I see it more as a calling card. It's got me out to Hollywood, I've… ](https://sms4smile.com/quotes/irvine-welsh/i-don-t-see-trainspotting-as-an-albatross-i-see-it-more-as-a-calling/) [Irvine Welsh](https://sms4smile.com/quotes/author/irvine-welsh/) > [Our attitude towards evil must be freed from hatred, and has itself need to be enlightened in character...Satan rejoices when he succeeds in inspiring…](https://sms4smile.com/quotes/nikolai-berdyaev/our-attitude-towards-evil-must-be-freed-from-hatred-and-has-itself/) [Nikolai Berdyaev](https://sms4smile.com/quotes/author/nikolai-berdyaev/) > [We are coming to a place where the road ends. From here on out, we will be making the road as we walk it,…](https://sms4smile.com/quotes/tom-atlee/we-are-coming-to-a-place-where-the-road-ends-from-here-on-out-we-will/) [Tom Atlee](https://sms4smile.com/quotes/author/tom-atlee/) > [Love is the supreme form of communication. In the hierarchy of needs, love stands as the supreme developing agent of the humanity of the…](https://sms4smile.com/quotes/ashley-montagu/love-is-the-supreme-form-of-communication-in-the-hierarchy-of-needs/) [Ashley Montagu](https://sms4smile.com/quotes/author/ashley-montagu/) > [I have always believed that women are not victims, we are agents of change, we are drivers of progress, we are makers of peace…](https://sms4smile.com/quotes/hillary-clinton/i-have-always-believed-that-women-are-not-victims-we-are-agents-of/) [Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/) > [Many American TV actors employ agents, managers, business managers, publicists and stylists, and are now adding digital media manager to the list. Their job…](https://sms4smile.com/quotes/gina-bellman/many-american-tv-actors-employ-agents-managers-business-managers/) [Gina Bellman](https://sms4smile.com/quotes/author/gina-bellman/) > [The ultimate goal of radical politics is gradually to displace the limit of social exclusions, empowering the excluded agents (sexual and ethnic minorities) by…](https://sms4smile.com/quotes/slavoj-i-ek/the-ultimate-goal-of-radical-politics-is-gradually-to-displace-the/) [Slavoj Žižek](https://sms4smile.com/quotes/author/slavoj-i-ek/) > [In politics we face the choice between warmongering, nation-state loving, big-business agents on one hand; and risk-blind, top-down, epistemic arrogant big servants of large…](https://sms4smile.com/quotes/nassim-nicholas-taleb/in-politics-we-face-the-choice-between-warmongering-nation-state/) [Nassim Nicholas Taleb](https://sms4smile.com/quotes/author/nassim-nicholas-taleb/) > [My first job was a film called 'Storm Damage' for the BBC. I was 16 and working with really respected British actors. I didn't…](https://sms4smile.com/quotes/ashley-madekwe/my-first-job-was-a-film-called-storm-damage-for-the-bbc-i-was-16-and/) [Ashley Madekwe](https://sms4smile.com/quotes/author/ashley-madekwe/) > [Government is the agent of those who are too refined to do their own mugging.](https://sms4smile.com/quotes/joseph-sobran/government-is-the-agent-of-those-who-are-too-refined-to-do-their-own/) [Joseph Sobran](https://sms4smile.com/quotes/author/joseph-sobran/) > [While much of modern behavioral and social science treats individuals as autonomous agents, it is absolutely clear that the way we think and act…](https://sms4smile.com/quotes/richard-r-nelson/while-much-of-modern-behavioral-and-social-science-treats-individuals/) [Richard R. Nelson](https://sms4smile.com/quotes/author/richard-r-nelson/) > [People went out there and they wrote articles and went on television shows saying that I am an operative that the CIA who used…](https://sms4smile.com/quotes/bassem-youssef/people-went-out-there-and-they-wrote-articles-and-went-on-television/) [Bassem Youssef](https://sms4smile.com/quotes/author/bassem-youssef/) > [The chief beneficiary of life insurance policies for young, single people is the life insurance agent.](https://sms4smile.com/quotes/wes-smith/the-chief-beneficiary-of-life-insurance-policies-for-young-single/) [Wes Smith](https://sms4smile.com/quotes/author/wes-smith/) > [“Honestly,” he says, “I judge writers on how they write queries. If you’re a good writer, you’re a good writer.” And if not, then…](https://sms4smile.com/quotes/keith-gessen/honestly-he-says-i-judge-writers-on-how-they-write-queries-if-you-re/) [Keith Gessen](https://sms4smile.com/quotes/author/keith-gessen/) [Browse all 1,567 Agents quotes ](https://sms4smile.com/quotes/about/agents/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Ha-Joon Chang" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/ha-joon-chang/between-the-great-depression-and-the-1970s-private-business-was/", "about": { "@type": "Thing", "name": "Agents" }, "@id": "https://sms4smile.com/quotes/ha-joon-chang/between-the-great-depression-and-the-1970s-private-business-was/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg", "contentUrl": "https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg", "url": "https://sms4smile.com/quotes/i/c0a/ha-joon-chang-3497_agents_between-the-great-depression-and-the-197_844934.jpg", "width": 1080, "height": 1080, "caption": "“Between the Great Depression and the 1970s, private business was viewed with suspicion even in most…” — Ha-Joon Chang", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Ha-Joon Chang", "item": "https://sms4smile.com/quotes/author/ha-joon-chang/" }, { "@type": "ListItem", "position": 4, "name": "Between the Great Depression and the...", "item": "https://sms4smile.com/quotes/ha-joon-chang/between-the-great-depression-and-the-1970s-private-business-was/" } ], "@id": "https://sms4smile.com/quotes/ha-joon-chang/between-the-great-depression-and-the-1970s-private-business-was/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```