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Why did economist milton friedman travel to hong kong

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Reference no: EM133599480

Questions: Free Trade Discussion Questions - Part 1: Markets, Page 1

1. What is a free market?

2. Why did economist Milton Friedman travel to Hong Kong in 1980?

3. How was Hong Kong able to prosper despite its lack of natural resources?

4. Why was Hong Kong allowed economic freedom after World War II even though China became a communist country?

5. Besides material wealth, on what other quality of life measures did Hong Kong match western countries by 1980? Why do you think this happened?

6. What did Milton Friedman mean by an "atmosphere of incentive"? Why do incentives matter?

7. GDP per capita is just a number. Why should we care if it increases? How does it affect the life of the average person?

8. Why has much of the world tried to follow Hong Kong's example?

9. "When we say that a market is free it sounds a bit like a dog-eat-dog economy." Does it sound this way to you? What would a dog-eat-dog economy be?

10. Why might some people see a free market economy as dog-eat-dog? Why didn't Friedman see it this way?

11. What is voluntary association? How is trade - buying and selling

Reference no: EM133599480

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