Friedman believed that introducing capitalism to totalitarian countries would lead to the betterment of society and increased political freedom. Friedman won the Nobel Memorial Prize in Economic Sciences in 1976, and was adamant about the link between money supply and inflation. He gave a speech in 1988 to Chinese students and scholars in San Francisco that was deemed to be part of the Chinese economic reform in which he referred to Hong Kong as the best example of laissez-faire policies.