Summary of ¿Existe el libre mercado en Ecuador?

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This video discusses the pros and cons of the free market system in Ecuador. While some believe that the free market exists and that government should not interfere, others believe that government intervention is necessary due to negative effects on social welfare. The video urges viewers to stay informed on quality information in order to make their own decisions.

• 00:00:00 In this video, two opposing views of the free market are presented. The first view is that the free market exists and that government should not interfere in it. Adam Smith, who is considered the father of economics, first introduced this system with a well-known quote. He suggested that the government should only intervene to eliminate any obstacles to the free market. The second view is that Ecuador has been characterized by continuous government intervention since 2000, because its tax policies emphasize revenue collection and government spending. This intervention has had negative effects on social welfare. The video concludes with both positions having their disadvantages, and urging viewers to stay informed on quality information.