There are people who are still alive today who knew Samsung as a grocery trading store in 1938. Similarly, LG which dominates the global TV display market today, started out as a low-grade subcontractor for US-based RCA Corp that pioneered colour TV. The audience at the 2022 Khazanah Megatrends Forum in Kuala Lumpur, for instance, chuckled in agreement when Chang said if someone were to take a time machine, go back to 1976 and told people an unknown glorified car mechanic would be bigger than Ford and General Motors in 30 to 40 years, he or she would be deemed crazy and put into an institution.īut today we know Hyundai - which made 10,000 “ridiculous looking Pony-s” in its first year of production in 1976 when Ford made 1.9 million cars and GM made 4.8 million cars - overtook Ford in about 30 years in 2009 and made more cars than GM in less than 40 years in 2015. ![]() ![]() That’s true even for his home country South Korea, which is experiencing a rise in soft power across the globe on the back of the “Korean Wave” and is home to several global corporations that have achieved miracles that most would have thought impossible less than 50 years ago. MANY countries whose economies had developed well in the past may not continue doing well if they fail to do one thing, says development economist Prof Ha-Joon Chang, author of several well-discussed policy books, including 23 Things they don’t tell you about Capitalism, Kicking Away the Ladder, Economics: The User’s Guide and most recently, Edible Economics.
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