America’s freedom and prosperity derive from the combination of the idea of human liberty in America’s Declaration of Independence with the idea of economic freedom in Adam Smith’s Wealth of Nations. Friedman explains how markets and voluntary exchange organize activity and enable people to improve their lives. He also explains the price system. Friedman visits Hong Kong, U.S. and Scotland. Discussion participants: Robert McKenzie, Moderator; Michael Harrington, Democratic Socialist Organizing Committee; Milton Friedman; Russell Peterson, Governor of Delaware, 1969-1973; Robert Galvin, Chairman, Motorola, Inc.; Congressman Barber B. Conable, Jr., Ways and Means Committee, U.S. Congress © 1980 / 57 min.