January 25th, 2012 | 
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In this program, Dr. Friedman visits India, Japan and the US He argues that those nations fortunate enough to have had basic economic policies established in an atmosphere of free markets have tended to develop more rapidly and to meet the needs of their citizens more adequately than those nations whose economic policies were established in an atmosphere of centralized planning and control. According to 18th century Scottish economist Adam Smith, free market economies are based on a belief that permitting individuals to pursue their own self-interests will have the happy side effect of serving the interest of society as a whole. Friedman points to the development of the British economy during the 19th century and the Japanese economy in the 20th as examples of robust development that accompanied governmental decisions to allow the free market to operate. Where nations have adopted central planning policies instead of economic freedom, economic development has been considerably less than that in free market societies. Though central planning policies may be well intended, they inevitably retard economic progress. Dr. Friedman cites the case of India as a classic example of a nation that has great potential for economic development but, because it has chosen to rely upon centralized controls for organizing economic activities, its people have been relegated to an unnecessarily low standard of living. This program focuses on the case for free trade. If people are free to …
Sang Sagun
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