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The Thrill of Risks and the Role of Government

I don't like to get too political, but the role of government in creating and sustaining a thriving community is inevitable. Watch from about 2:55-16:30.

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This news segment compares the economies of the U.S., India and Hong Kong.

One of the largest, wealthiest cities on Earth created from practically nothing. As the video shows, it's incredibly easy to create your own business, but there is little to protect you. Entrepreneurs are free to achieve their dreams with very little to limit them.

Heavy regulation can delay new businesses or stop them from ever being created. There is much more poverty in India than in Hong Kong.

We're somewhere in between the two extremes here. We have laws that protect us, but at some point, having too many rules and regulations keep people from taking chances. Making mistakes is part of learning, but it seems we are starting to avoid healthy and even necessary risks. We don't want to lose anything, but by doing nothing, we lose everything we are capable of.

Where is the right balance between freedom and protection? Where is the balance between entrepreneurial freedom and protection of consumers and business owners?


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Interesting inspiration! Someone once said that the reason India's IT industry has flourished is because there was no "Ministry of IT" to over-regulate it....One good index that tracks this issue is the World Bank's Ease of Doing Business Index, measuring how easy it is to be an entrepreneur in various countries. Regulation plays an important role not only in making it easy to start a business, but also to close a business (after all what would innovation be without failure?)

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