The Free Market Videos: “Richard Wolff on the Free Market” https://www.youtube.com/watch?v=6v-7ZMSY6bQ
(5:09 minutes)
“Milton Friedman - Free Market Exchange” https://www.youtube.com/watch?v=eWrImRnH6bw
(4:54 minutes)
Guide: The questions below will help students achieve a better understanding of the arguments made on either side of a contentious topic. Because these questions often touch upon statements made briefly in the videos, we recommend reading the questions before watching each video. Students are encouraged to take notes during the videos, and it may be helpful for students to break into groups, each taking responsibility for only a few questions, before coming together for discussion. Analysis Questions: 1. What are the opposing ideas in these two videos? 2. Milton Friedman said that in its pure form, capitalism is “a system of cooperation without compulsion, of voluntary exchange.” What did he mean by this? 3. Richard Wolff said the free market “has never existed.” What did he mean by this? 4. Milton Friedman acknowledged that we don’t actually have a free market, saying that “in the actual world, you always have impediments and interferences to voluntary exchange.” What did he mean by this? If a free market does not actually exist, can we still learn from the theory behind it? Why/Why not? 5. Richard Wolff described the free market as a “wildly utopian image.” What does “utopian” mean? 6. Milton Friedman said the idea behind the free market is that “individuals each separately pursuing their own self-interest could promote the social interest.” Can society be improved by people pursuing their own self-interest? Why/Why not? 7. Richard Wolff says a “capitalist pays as little as he can get away with.” Is this true? Do businesses pay as little as they can get away with? Other than regulations, is there anything that determines what they can “get away with”? 8. Milton Friedman explained that the concepts behind the free market don’t just apply to the economy, they also impact areas like language, common law, and science. What are some other areas where voluntary exchange have a positive impact?