1. What, according to Friedman, is the social responsibility of business? What is the moral responsibility of business managers? Explain at least two of Friedmans arguments for his account of business ethics.

2. What does Friedman mean by economic freedom? What does it mean for a market exchange to be voluntary? What does it mean for a market exchange to be informed? Why, according to Friedman, is it so important for market exchanges to be voluntary and informed? What do these claims entail about the moral responsibility of business managers?

3. How, according to William Lazonick, can we have high corporate profits without widespread prosperity? What, if anything, does such a phenomenon tell us about the idea that the social responsibility of business is to increase its profits?

4. Many if not most early proponents of markets, including such thinkers as the Levellers in England, Scottish philosopher Adam Smith, and American Thomas Paine see markets as a fundamentally egalitarian force. Why did they believe this? What is meant by egalitarian, on Andersons account?

5. In what ways, according to Anderson, do contemporary markets differ from this egalitarian vision? Explain by reference to Andersons discussion of Alchian and Demsetz theory of the firm.

6. In what ways, if any, are contemporary workers subject to the arbitrary power of their employers/managers? Is being subject to such power reason for concern? What sorts of institutional reforms could mitigate such capacity to wield arbitrary power? Explain.

7. What are the similarities between Friedmans and Andersons accounts of freedom and markets? What are the central differences? Which account is most compelling? Defend your conclusion.