Actually, they did tell me all of this when I did A level economics in the 1970s

...which is no reflection on Chang, just on how far mainstream economics has become dominated by ideology and equations. There is nothing in here which would be a surprise to any economist (or politician) from outside the Anglosphere. Neo-classical economics doesn't describe the real world very well and is a poor basis for economic policy or business strategy. Pretty much everyone seriously interested in economics knows this except the kleptocracy in whose interest the UK and USA are both run, and their lackeys who help them do the actual running. Come to think of it, they probably know this too, but it serves them well to keep the rest of us doped up on free-market fairy tales.

This is nicely written - very clear, ordinary language, not an equation or a diagram in sight. It's not by any means anti-capitalist. HJC says 'capitalist is the worst system apart from all the others', and he clearly means it. This view is not really examined, and there is no real consideration of any of the alternatives, apart from the way that the USSR tried to do socialism. There isn't even a proper evaluation of that.

Still, it does at least point out that there are other ways of doing capitalism, and that there is some theoretical justification for this within economics as well as from ethics and politics.  Perhaps some New Labour policy wonks will read on the flight over for their next fact-finding trip to America, and perhaps something will seep in and remain next time they have to write a briefing paper. Perhaps.