Today on Mostly Economics, Ha-Joon Chang, Professor at the Department of Economics at SOAS University of London and Senior Research Fellow at CEPR, critiques the IMF and World Bank's Washington Consensus model. He explains how neoclassical economics locks poor countries into existing capabilities. Chang contrasts South Korea's transformation through state-directed industrial policy with Mexico's stagnation under NAFTA. He exposes how the World Bank manipulated data to falsely claim economic progress. Chang also reveals how patent monopolies contradicted free market principles during COVID-19, preventing lifesaving technology sharing.