In Free to Choose, Milton Friedman makes the case that capitalism, i.e. free markets combined with governments that follow The Do Nothing Policy produce prosperity and freedom. In lecture, production possibilities frontiers were used to show the mechanism by which capitalism produces wealth, i.e. specialization according to comparative advantage and exchange.

The history of the 20th century is replete with examples of countries that have followed just such a policy of free market capitalism and experienced large increases in total and per capita wealth plus created stable peaceful political societies characterized by respect for individual rights and maximizing personal freedom, e.g. Japan, Taiwan, Korea, Singapore, and, until the communist Chinese takeover, Hong Kong. In the 20th century, countries that were already prosperous and free that continued choosing capitalist systems became more prosperous, e.g. the United States, Western Europe, Canada, and Australia.

A key feature of free markets is a level playing field where the rules apply to everyone whether they are rich, poor, powerful, or connected. The level playing field is sometimes referred to as the Rule of Law (ROL).

The ROL according to the Oxford English Dictionary is "The authority and influence of law in society, esp. when viewed as a constraint on individual and institutional behaviour; (hence) the principle whereby all members of a society (including those in government) are considered equally subject to publicly disclosed legal codes and processes."

The ROL can break down in two ways. First, rulers and their entourage can be held above and not be subject to the law or, second, immunity from the law can be bought. In either case, the ROL does not exist or, alternatively, that society has a corruption problem.

A conundrum of the “capitalism produces prosperity and freedom” policy are countries that have capitalist economies but haven’t produced much prosperity and are frequently but not exclusively characterized by bouts of politically based violence and oppressive abusive dictatorships, e.g. most middle eastern countries, most of South and Central America, Mexico, India, Russia, and until the last 20 years communist China.

In The Mystery of Capital, Hernando DeSoto addresses this conundrum and points out that adopting capitalism is required but not sufficient to produce U.S. and western European levels of prosperity and freedom. DeSoto argues that adopting capitalism isn’t enough. Countries have to choose a capitalist economic system, have ROL, plus do something else.

According to Hernando DeSoto, why are many 3rd world countries not getting rich even though they have ostensibly capitalist free market economies?

What is the something else these countries are missing?

Read Chapter 7, "Deng Perfects Socialism" and Chapter 5 'The Shanghai Gang" in The Party by Richard MacGregor.

In what sense and to what degree does Communist China meet DeSoto's requirement for a capitalist economy that will use free markets to create and equitably distribute wealth.

Does Communist China have a capitalist free market economic system where there is ROL and no corruption?

Explain with examples from The Party.

Requirements:

Your submission should be no less than 1000 words. Short papers will be penalized. There is no maximum length.
Proper grammar and effective use of English counts.

Answers

Answer 1

1. According to DeSoto, 3rd world countries like South America, which have capitalist economies but are not getting rich due to political crises and dictatorships.

2. The author also argues that more efforts is needed than just adopting the capitalist regime, it is essential to develop the system through strategic actions that guarantee ROL, and economic growth measures.

3. China has a Communist party with capitalist characteristics, for example, with the opening of the Chinese market, which constituted a great and rapid development in the productive and industrial system of the country.

What is the capitalist system?

It is an economic system whose focus is an accumulation of wealth and profitability through private property and the means of production. It is based on the free market with less state intervention.

Therefore, the author argues in favor of capitalism and its positive characteristics for the economy, politics and society as a whole.

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Related Questions

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conjectures about determinants
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Intro

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Answer:

0

0

0

1

Explanation: ur welcome

who buys and sells stocks on the exchange

Answers

Answer:

i do

Explanation:

________________ economists place an emphasis on __________ run economic performance.

Answers

Neoclassical economists place an emphasis on Long run economic performance.

What is Neoclassical economics?

Neoclassical economics is a type of economics that focuses on the amount of goods and services that is demanded to produce.

This theory believes that without quantity demanded, production of goods cannot be possible.

Therefore, Neoclassical economists place an emphasis on long run economic performance.

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The coordination of promotion and other marketing efforts for maximum informational and persuasive impact defines Group of answer choices tactile communication. integrated marketing communications. proxemic communication. communication. kinesic communication.

Answers

The coordination of promotion  for maximum informational and persuasive impact defines: Integrated marketing communications.

What is Integrated marketing communications?

Integrated marketing communications can be defined as the way in which brands or product  promotional activities are effectively managed and coordinated.

This promotional activities includes:

Sales promotionBrands promotionMedia advertisementDirect marketing etc

Therefore the coordination of promotion  for maximum informational and persuasive impact defines: Integrated marketing communications.

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BP ignored some safety regulations in order save $1 Million per day on the Horizon Deep Water Drilling Platform. How much did those violations end up costing the company

Answers

Ignoring some safety regulations in order save $1 Million per day. The amount that  those violations end up costing the company is $100 Billion.

What is safety regulation?

Safety regulation can be defined as a set of rules and regulation that an employees are mandated to follow so as to prevent work hazard.

Based on the given scenario ignoring the safety regulation so as to save $1 million per day  will cost the company $100 Billion.

Which is why companies made it compulsory for employees to follow the saftey standard set so as to ensures that employees work in a safe and conducive environment .

Inconclusion the amount that  those violations end up costing the company is $100 Billion.

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at what stage of the product life cycle would it be best to begin investing in research and development of the next product?

Answers

Answer: Maturity

Explanation: This is before the product completley declines so you haven’t run out of time completley to develop a new and good quality product. It also isn’t too soon after the original product as that would cause problems in customer interest and make advertising/marketing more difficult.

Things that you value that are stored digitally, such as digital photographs or
gift card codes, are
O A. cryptocurrencies
O B. digital assets
O C. biometrics
O D. digital devices

Answers

The answer is D
Ik this cause I took the test

under what circumstances would it be efficient to impose a higher abatement standard for a psd region than for a non-attainment region

Answers

Impose a higher abatement standard for a PSD region if marginal social cost equals marginal social benefit at the higher abatement level in the PSD region.

What Are Marginal Social Costs and Benefits of Abatement?

The marginal social cost of abatement is the change in society's total cost of reducing one more unit of pollution.

The marginal social benefit of abatement is the change in benefits associated with reducing one more unit of pollution.

Both the marginal social cost and benefit of abatement are considred as an incentive for the reduction of polluting emissions.

When imposing an abatement standard for a PSD region versus a non-attainment region, it would be more efficient to impose a higher abatement standard for the PSD region than for the non-attainment region if marginal social cost equals marginal social benefit at the PSD region's higher abatement level.

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In liability insurance, the maximum amount that the coverage will pay for loss to any one person regardless of overall policy limits, is known as the:

Answers

Answer:

Insurance coverage limit

Explanation:

have a good day

What type of account is used to pay for daily expenses?.

Answers

Answer:

Checking accounts are used for everyday spending

Explanation:

The key features of this type of bank account are a linked debit card you can use for purchases or ATM withdrawals, as well as check-writing abilities. The account type also allows you to deposit cash or checks and pay bills.

BigManufacture Inc. currently releases lead in to the local waterways at a concentration of 5 parts per billion. The government regulations sets a limit to the lead pollution at 2 parts per billion accompanied by a $30,000 fine per year for each part per billion beyond the 2 part limit. What is BigManufacture Inc. likely to do

Answers

Based on the calculations of total costs for each option, BigManufacture Inc. is likely to D. Reduce lead pollution by 1 part per billion.

What is the best pollution strategy?

There are many strategies to reduce pollution.

Deciding on a pollution reduction strategy depends on the total costs involved, as illustrated below.

Data and Calculations:

Total costs:

                                        Option A      Option B       Option C     Option D

Pollution Reduction cost  $0              $110,000       $60,000      $25,000

Fine payment                  $90,000       $0                $30,000      $60,000

Total costs                     $90,000      $110,000      $90,000      $85,000    

Question Completion:

Cost Implication of Lead Pollution Reduction

Reduction of Lead         Cost

By 1 part per billion      $25,000/year

By 2 parts per billion   $60,000/year

By 3 parts per billion  $110,000/year

Answer Options:

A. Reduce lead pollution by O part per billion.

B. Reduce lead pollution by 3 parts per billion.

C. Reduce lead pollution by 2 parts per billion.

D. Reduce lead pollution by 1 part per billion.

Thus, based on the calculations of total costs for each option, BigManufacture Inc. is likely to D. Reduce lead pollution by 1 part per billion.

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At work, Mario was trying to show Jenessa the new procedure for stocking the shelves. Jenessa kept working as he explained and quickly became frustrated because Mario kept telling her she was doing it wrong. What could Jenessa have done first to be a better active listener?


She could have read the employee memo that explained the new procedure.

She could have asked clarifying questions to make sure she understood.

She could have stopped what she was doing to give Mario her full attention.

She could have restated what he said in her own words.

Answers

Answer:

She could have stopped what she was doing to give Mario her full attention.

Answer:

C, she could have stopped what she was doing to give Mario her full attention.

Explanation:

Good luck on your test:)

Barbara has $70.00 in her pocket and a $20 gift card. Which purchase will she be able to make without having to use her credit card?


A a portable radio for $65.95 and speakers for $29.99

B five books for $18.95 each

C headphones for $25.99 and eight CDs for 8.99 each

D six puzzles for $11.99 each and a board game for $15.89

edeg 2022

Answers

The answer is: six puzzles for $11.99 each and a board game for $15.89

The amount of money that Barbara has: $ 70.00

The amount of Gift Card that barbara has: $ 20.00

This mean that maximum amount of product that Barbara could purchase: $ 70 + $ 20 = $ 90

From the option above the only purchase that is not surpassing $ 90 is six puzzles for $11.99 each and a board game for $15.89

6 x $ 11. 99 = $ 71.94

1 x $ 15.89  = $. 15.89

Total purchase = $ 87.83              

A food worker washes his hands and puts on new gloves before taking tomatoes from a box and slicing them for burgers

Answers

What the food worker, who washes his hands and puts on new gloves before taking tomatoes from a box and slicing them for burgers, has done is an example of practicing good personal hygiene.

What is personal hygiene?

Personal hygiene involves the following activities: bathing, washing hands, brushing teeth, etc.

The purpose of personal hygiene, especially for a food worker or handler is to prevent biological, chemical, and physical hazards that make food unsafe.

Thus, since food workers come into contact with millions of germs and viruses daily, they must practice personal hygiene.

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For a business, income remaining after payment of expenses is:
о
A. loss.
o B. capital.
O C. profit.
D. debt.

Answers

Answer:

The answer should be C. Profit

Explanation:

That is the total money they get after everything is payed for and restocked.

-Hope This Helps.

Justin

How many gallons of oil does the us have in reserve.

Answers

Probaly around 138 gallons in total

Answer:

43.8 billion barrels

Explanation:

__________ communication can significantly enhance an organization's reputation, productivity, community support, and economic success.

Answers

External communication, when performed effectively, is capable of improving organizational processes and their marketing success.

What is external communication?

Corresponds to communication carried out outside the organization, with the aim of attracting consumers, customers and partners, increasing competitiveness and positioning in the active market.

Therefore, the external communication department is responsible for exchanging information with the macro-environment in line with the company's values ​​and objectives, seeking strategic advantages.

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A prime example of a Special Economic Zone, located adjacent to Hong Kong, is the city of Group of answer choices Guangzhou Beijing Shenzhen Chengdu Shanghai

Answers

The city of Shenzhen is a prime example of a Special Economic Zone that is located adjacent to Hong Kong,

What is a Special Economic Zone?

These are zones that serves as an area of business and trade which are different from the rest of the country.

Some other examples of a Special Economic Zones includes Shannon Airport in Ireland, Dubai South in UAE, Xiamen in China etc

Therefore, the Option C is correct.

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A bill that deals with such a diverse set of unrelated issues as environmental issues, tax issues, and criminal justice issues is likely to be a(n)

Answers

A bill that deals with such a diverse set of unrelated issues as environmental issues, tax issues, and criminal justice issues is likely to be an Omnibus bill

What is an Omnibus Bill?

An omnibus bill is a bill that covers divers issues which is coupled into one document.

It is a single document which is accepted in a single vote by a legislature but encompasses several measures into one or combines diverse subjects.

Due to their large size and scope, omnibus bills limit opportunities for debate and scrutiny.

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Nile River Scuba has never paid any dividends. Six years ago, the firm's stock was selling for $24.58 per share. Today the stock is priced at $42.91. What was the compound annual return over the past 6 years

Answers

Answer:

multiply

Explanation: calc?

The four utilities offered to consumers through retailing are:.

Answers

selling, renting, and providing of products and services to ultimate consumers for
personal, family, or household use.

T_
------ Y
Robotics and automation are increasingly used in
the travel and tourism industry to handle labour
intensive and mundane tasks.

Answers

Answer:

Yes.robotics and automation are increasingly used in the travel and tourism industry of handle labour intensive and mundane tasks

As an ammunition supervisor, you receive an urgent Notice of Ammunition Reclassification (NAR). It must be

Answers

As an ammunition supervisor, you receive an urgent Notice of Ammunition Reclassification (NAR). It must be given the highest priority.

As the ammunition supervisor, I acknowledge receipt of the urgent Notice of Ammunition Reclassification (NAR) and recognize its paramount importance. The reclassification demands immediate and rigorous attention to ensure compliance with safety protocols, accurate inventory records, and swift execution of necessary procedures.

Our team will promptly initiate the required actions, prioritizing the secure handling, tracking, and reporting of reclassified ammunition. Safety and precision remain our foremost concerns as we address this critical matter, safeguarding both personnel and operational integrity. We are fully committed to executing this reclassification with the highest level of urgency, professionalism, and adherence to established guidelines.

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Amounts received in advance from customers for future products or services: Multiple Choice Are revenues. Increase income. Are liabilities. Are not allowed under generally accepted accounting principles (GAAP). Require an outlay of cash in the future.

Answers

The amounts received in advance from customers for future products or services C. are liabilities.

What is a liability?

A liability is a financial obligation owed by an entity to another.

A liability results in the fulfillment of a future financial obligation.

The future financial obligation involves the payment of economic benefits or resources to the other entity.

Thus, the amounts received in advance from customers for future products or services C. are liabilities.

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David realizes that he needs money to start a bookstore. If he decides to
obtain funds through debt financing, what will his company have to do?
A. Collect government sales tax
B. Pay its workers
C. Pay funds to more than one owner
D. Pay loans

Answers

If David decides to obtain funds through debt financing, the company would have to D. Pay loans.

What happens when debt financing is used?

When a company uses debt financing, it means that they are borrowing money from institutions and investors in the form of loans.

As time goes on, they will have to pay back these loans which includes the amount they borrowed and some interest.

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Imagine that you are reading one of your favorite magazines. If you see a logo and recognize the brand as it is being presented to you, this is an example of Blank______.

Answers

When reading a magazine, seeing a logo and recognizing a particular brand, corresponds to an example of assisted recall.

What is assisted recall?

It is an aided brand recognition technique, that is, it can also be performed as a market research technique where consumers are encouraged to respond about their knowledge of a brand.

Therefore, assisted recall can demonstrate the ability of a brand to be easily recognized and identified through its characteristics, such as colors, logo and design.

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Answer: It is aided recall.

If an insurer is incorporated in Rhode Island, but primarily does business in New York, what type of insurer is this considered in New York

Answers

If an insurer is incorporated in Rhode Island, but primarily does business in New York. This is called foreign insurer.

Who is an insurer?

An insurer can be defined as a person who  insured a person or a person who provide insurance coverage.

An Insurer has their business situated or established in the United States of America but carried out is business activities in another country like New york this  will be tend to be called foreign insurer in New york because the business is not domiciled in New york but United state of america.

Inconclusion this is called foreign insurer.

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_________ addresses the means by which leaders provide direction to get workers to accomplish tasks whereas _________ addresses how leaders interact on a personal level with workers.

Answers

Leadership addresses the means by which leaders provide direction to get workers to accomplish tasks whereas relationship addresses how leaders interact on a personal level with workers.

What is leadership?

Leadership explains how an individual is able to lead someone that is subjected to him for guidance, counsel and training.

It describe the relationship that exist between followers and the leader and how it influence the learning process.

Therefore, Leadership addresses the means by which leaders provide direction to get workers to accomplish tasks whereas relationship addresses how leaders interact on a personal level with workers.

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Pete has met with a group of professional investors to raise funds for his new legal research technology company, Techlaw Pros. The professional investors focus exclusively on funding technology companies in the legal field and are demanding substantial control over Techlaw Pros through sitting on the board of directors. Pete is seeking money from

Answers

Pete is seeking money from a venture capital firm by meeting with a group of professional investors to raise funds for his new legal research technology company, Techlaw Pros.

What is venture capital firm?

Venture capital firm is a private equity investor that gives the capital to those companies who have high growth and in return for an equity stake in the company.

It give preference to the startup companies or the small companies that wants to diversify their business.

Hence, Pete is seeking money from a venture capital firm by meeting with a group of professional investors to raise funds for his new legal research technology company, Techlaw Pros.

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An approach in which MNEs draw on multiple, equally important innovation hubs throughout the world characteristic of Globalization 3.0 is known as a(n) ___.

Answers

When MNEs draw on multiple, equally important innovation hubs throughout the world globalization, they become transnational corporation.

What is globalization?

It should be noted that globalization simply means the process whereby thw world become linked together.

In this case, when MNEs draw on multiple, equally important innovation hubs throughout the world globalization, they become transnational corporation.

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