33 THINGS THEY NEVER TOLD YOU ABOUT CAPITALISM

Let’s be honest: Most of what we were taught about capitalism is story, not fact. The fairy tales are everywhere: in our textbooks, boardrooms, political speeches, even our own beliefs. But how much is actually true?

Ready for a reality check? Here are 33 of capitalism’s most powerful myths:

Myth 1 – High Wages in Rich Countries Reflect Worker Productivity
Myth 2 – Free Markets Made the West Rich
Myth 3 – Western Economies Are Not Planned
Myth 4 – Market Prices Coordinate the Economy
Myth 5 – Governments Can’t Innovate
Myth 6 – Equal Opportunity Means Equal Chances
Myth 7 – The Commons Inevitably Fail
Myth 8 – We Are in a Knowledge Economy
Myth 9 – Education Guarantees National Prosperity
Myth 10 – The U.S. Has the World’s Highest Living Standards
Myth 11 – GDP Growth Equals Progress
Myth 12 – Western Markets Are “Free” and Self-Organizing
Myth 13 – Competition Naturally Dissolves Monopoly Power
Myth 14 – People Are Fundamentally Selfish
Myth 15 – Capitalism Lifts All Boats: Growth Benefits Everyone Equally
Myth 16 – Governments Cannot Pick Winners: Industrial Policy Is Inefficient and Fails
Myth 17 – Big Government Hinders Change and Economic Adaptation
Myth 18 – Africa Is Doomed to Underdevelopment
Myth 19 – Capitalism Is Race-Neutral and Colonial Legacies Are Irrelevant
Myth 20 – Poor People Are Poor Because They Are Less Entrepreneurial
Myth 21 – Markets Are Perfect
Myth 22 – Trade Guarantees Peace
Myth 23 – Inequality Is Necessary for Innovation
Myth 24 – Capitalism Is Gender-Neutral
Myth 25 – Markets Are Inherently Stable
Myth 26 – Finance Always Allocates Capital Efficiently
Myth 27 – Debt and Credit Are Harmless Tools for Growth
Myth 28 – Capitalism Is Truly Global and Corporations Are Stateless
Myth 29 – Capital Mobility Improves Governance
Myth 30 – “There Is No Alternative” (TINA) to Capitalism and Neoliberal Policy
Myth 31 – Technological Change Is Neutral and Inevitable
Myth 32 – The IT Revolution Has Created the Greatest Progress in History
Myth 33 – Platforms Are the Future: Universal, Inevitable, and Good for All

It’s time to question the narratives that shape our world. The real issue isn’t “Is capitalism good or bad?”—it’s: Do you truly understand the story we’ve been told?

Full breakdown and analysis of each myth—where it comes from, why it survives, and what the evidence really shows. 👇

(Loosely based on Ha Joon Chang's excellent 23 Things They Never Told You About Capitalism)