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2. Richard McGregor, The Party: The Secret World of China’s Communist Rulers.
For the lectures, you read portions of Milton Friedman’s Free to Choose. Friedman makes a case for a society of maximum freedom. Where individuals are left alone to the maximum extent possible to pursue their own self-interest as they define it and where government is prevented, as much as possible, from interfering in the market place and the lives of individuals. In the nomenclature of the lectures, Friedman makes the case for following the Do Nothing Policy, free markets, and a capitalist system.
The benefits of maximum freedom are large increases in collective and individual wealth, the end of dictatorship and oppression, and individuals allowed to control their own lives. In the lecture, GDP per capita and life expectancy statistics were presented to demonstrate the link between free markets and these benefits. The countries which adopted Friedman’s advice are the countries which have high standards of living, where the average person lives free and well, and where average incomes have increased over time.
In The Party: The Secret World of China’s Communist Rulers, Richard McGregor describes communist China today. In communist China, the Communist Party has created a society of minimal freedom. In communist China today the ability of individuals to pursue their own self-interest as they define it is severely constrained. The Chinese Communist Party believes it can some benefits of following the Do Nothing Policy and avoid others. The Chinese Communist Party believes it can adopt limited features of capitalism to generate increases in wealth and avoid other features such as the ability of average people to depose oppressive dictators. Whether the Chinese Communist experiment will succeed is an open question. Only time will tell. ‘
Your paper should have three sections.
In Section 1, choose three examples from McGregor that illustrate the difference between Friedman’s maximum freedom society and the minimal freedom society in communist China.
For each example, explain whether the Chinese Communist Party example is better or worse at creating wealth and why the communist party doesn’t allow greater freedom.
In Section 2, explain why you would choose to live in Friedman’s maximum freedom society or the society created by China’s Communist Party. Do this assuming you are each of three individuals:
1) A “princeling” in Communist China who would be just an ordinary person in Friedman’s world.
2) A hardworking dynamic entrepreneur who wished to start his own company and end up fabulously wealthy and successful like Steve Job’s, Bill Gates, Marc Zuckerberg, etc.
3) Just an ordinary Joe with no special skills, talents, or ambition.
In the conclusion, give an opinion about the society created by China’s rulers.
Notes and Guidance
The paper assignment asks you to answer very specific questions. It is not a book report or an opportunity to wax eloquent on a subject of your choosing. The assignment is to produce answers to specific questions. Your
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