Prelim 1--Essay 5 - Question 5 Many would consider Milton...

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Question 5 Many would consider Milton Friedman’s views on drug laws over the top. You don’t have to agree with Friedman to speculate on the relationship between the legalization of crack cocaine and the extent to which markets should or not be regulated. Is there a parallel, for example, between the deregulation of drugs and subprime markets? Bring in other authors such as Norberg, Stiglitz and Scott for similar or contrasting views, based on your own interpretation of what they might say. What is your view and why? Friedman’s View on drugs "On ethical grounds, do we have the right to use the machinery of government to prevent an individual from becoming an alcoholic or a drug addict? For children, almost everyone would answer at least a qualified yes. But for responsible adults, I, for one, would answer no. Reason with the potential addict, yes. Tell him the consequences, yes. Pray for and with him, yes. But I believe that we have no right to use force, directly or indirectly, to prevent a fellow man from committing suicide, let alone from drinking alcohol or taking drugs." Is there a parallel between the deregulation of drugs and the subprime markets?
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Prelim 1--Essay 5 - Question 5 Many would consider Milton...

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