According to free-market economists, crafting economic policy requires special training and knowledge, so governments are better off stepping back and letting the market run its course rather than meddling in such complicated issues.

Chang points out that some of the most successful policymakers were not trained economists; remarkable growth in East Asia frequently took place under policies dictated by lawyers, engineers, and scientists. Meanwhile, the economic policies of many Latin American countries were set up by highly trained economists, with less than impressive results. Even more alarming, some of the world’s most respected economists failed to predict the 2008 financial crisis and even helped create the conditions that led to it.

Instead of continuing to rely on free-market economics, Chang suggests that a more nuanced view is necessary, one that takes insights from a wider range of historical economists and learns from the past, including the 2008 financial crisis.