Free or Equal Questions

While watching Free or Equal, complete the following statements for questions 1-9. Use the
precise language
from the video. Question 10 asks you to analyze a proposal and provide your unique perspective.
You do not need to use the same format as shown below (with boxes). Use a format which works
best for you.
1. Professor Friedman would say that economic freedom is not just to reap the reward when
times are good; its also to bear the consequences when times are bad.
2. Although Hong Kong had no prospects, no natural resources & little land that could be
cultivated, but almost by accident, it was given economic freedom, with all those taxes, tariffs in
other part in the world, the British government couldnt be bothered with local HONG KONG
affairs and the government happened to favor free markets. So HONG KONG never introduced
all those policies that others governments did: no tariffs, no regulation or government
intervention in the economy, so the economy could evolve in a nature way. As a result HONG
KONG became an economic powerhouse. How. Professor Friedman believe that if you want to
see an example of economic freedom, you have to go to HONG KONG. The basic Idea of free
market allow Hong Kong to lead the economic freed countries in the World. In such country you
have more chance to start your own business if you can compete with others and succeed without
anyone telling you what to do or what is allow or not.

3. Free market have spread around the world. At the same time, weve seen the fastest human
progress ever, and it has been led by the countries that opened up their economies. In fact,
average incomes around the world have almost doubled. Globally, extreme poverty has been

more than halved since Milton Friedman did his series in 1980. Amazingly, 730 million people
have been liberated from poverty.
4. Human and political freedom has never existed (and cannot exist) without a large measure of
economic freedom. Those of us who have been so fortunate as to have been born in a free
society tend to take freedom for granted to regard it as the natural state of mankind. It is not.
It is a rare and precious thing.

5. Explain the concept of creative destruction as described in the Free or Equal video.
Creative Destruction
Only businessmen who can adapt, who are flexible and adjustable survive and create good
employment opportunities for the rest. Economists call this constant renewal of the economy
creative destructive if we want to increase our wealth and opportunities; we have to stop
doing the old things in old way, and start doing innovative things in better way. In order world
we have to be creative but when consumers move on to new goods, it can be difficult and
painful, because old factories and old shops close, and people lose their jobs. That is the
destructive part. And most economist think that creative and destructive is necessary for
economic development and I believe this idea. Because some businesses might stop competing
when they know that, if they lose they might get a hand from the government.
6. Explain why are Swedish entrepreneurs the oldest in the world, as described in the Free
or Equal video?
Swedish entrepreneurs the oldest in the world because almost all big Swedish businesses share
Ericssons heritage. And they probably all had boardrooms. That looked a bit like this. And also

because the Average big Swedish company is 94 years old. And they have apparently not had the
policies that encourage people to start the new businesses that might becoming tomorrows
Ericsson. And all the new entrepreneurs are moving to British or United State for better
opportunities that their country fail to offer them. Thats why Swedish entrepreneurs are the
oldest in the world.

7. Our economic system gave us Henry Ford, Thomas Alva Edison, Bill Gates & other very
successful entrepreneurs. These entrepreneurs all went in with their eyes open, knew what they
were doing & win or lose, we (society) all benefited from their willingness to take a chance.
If we did not allow these successful entrepreneurs to become incredibly rich, we would be more
equal. But, would we be better off? If entrepreneurs did not think that a possible reward for all
the sacrifices they makes, all their hard work, all the risk. is a lot of wealth, then they might do
something else instead. In that case, we would not have the goods, services and technologies
(they created) that make our lives better.
8. They (the Founding Fathers) were a wise and learned group of people. They had learned the
lesson of history. The great danger to freedom is the concentration of power, especially in the
hands of a government. They were determined to protect the citizens of the new United States of
America from that danger. And they crafted their constitution with that in mind.
9. As Milton Friedman said, The society that puts equality before freedom will end up with
neither. The society that puts freedom before equality will end up with a great measure of both.
10. Professor Friedman compares the concept of equality of opportunity to a race where
everyone begins at the starting line at the same time. In contrast, equality of outcome guarantees

that everyone finishes at the same time. Today, equality of outcome is referred to as fair shares
for all.
If we applied the fair shares for all concept in this class, all students would receive an average
grade of C. This would be accomplished by taking points away from students earning As and
Bs to give to students earning Ds and Es. Distributing points equally would result in fair
grades for all.
1. Would you approve of this method in calculating your final grade? Why or why not?
2. How would this differ from fair shares for all economically?
For example, whats the difference between a successful student being required to give up some
of his/her hard-earned grade and a successful person being expected to give more of his/her hardearned income? If you support redistribution of income and wealth, shouldnt you also be
willing to redistribute academic grades? After all, many of your fellow students may not have
had the advantages in education and upbringing that youve had.
3. Address the above questions in your own words, in a minimum of 3 paragraphs.
This idea of fair share does not advances economic, because everyone will not be level at the
same time, some people are willing to work hard and earn better outcome some are not but if we
give the same opportunity to everyone without government interferences will be beneficiary for
the improvement of the economic.
In term of grade, some student are not doing nothing to improve their grade, they sit back
and blame other for their failure. I think faire share is only applicable when it comes to human
right. But say that some student have to give up on their grade I order to advances others will not
create a better future in term of expectancy in the workplace and our economic system. Free and

equal is the better way for a country is economic. But some free market already exist in many
countries but it might not work if it doesnt goes with political freedom.
If the fair share was in place before we would not probably see those who stepped up make
some invention that enjoy today. Everyone would lazy willing to get help from government, the
same system that made the Sweden companies the most oldest in the word.

Reflective Writing

Learning Outcome #1
By taking this course, it gave me more knowledge about the larger issues that i didnt know
before. It allow me to understand how some countries are doing fine and other are not in term of
economic. But not all, it gave me the deep understanding of the United State economic system
throughout the time and why some countries are still failing behind. I will take this knowledge
with as move on in my academic career.

Learning Outcome #2
This was my fist online class but I learned how to be engaged in the professional conversation
with others. How to communicate as a leader. Even the time was short but it was very effective.
All people in the class were very friendly. We had very good class as hole. The teacher was there
in every step to help out. This was a very good class. I learned how to work with others in
professional manner to develop the skills that I need for my future.