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lecture: Free, Open and Libre

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What are the differences between free and open source? Is it just a legal issue or does it have direct consecuences? Does it really matter if a software is free or open? Which one is better for my usecase? How does the difference affect us? And how does it affect private companies? But, above all, what is "libre"? Why do we even need a third word on this subject? Will it really make a difference?