- Political and civil liberties considerably are higher in economically free nations.
- The life expectancy of citizens of nations in the top 25% is 17 years longer than those in the bottom 25%.
To make that determination, the folks over at the Frasier Institute use key principles associated with economic freedom to formulate data points to measure economic freedom annually. Those principles include:
- personal choice;
- voluntary exchange;
- freedom to enter markets and compete; and,
- security of the person and privately owned property.
Using 42 data points based upon those principles, the folks over at the Frasier Institute then measure economic freedom in 157 countries and territories. These data points include:
- size of government: expenses, taxes and enterprises;
- legal structure and security of property rights;
- access to sound money;
- freedom to trade internationally; and,
- regulation of credit, labor, and business.
The most economically free countries in 2015? According to the 2015 Frasier Institute report: Hong Kong and Singapore. The also rans:
- The United Kingdom is 10th.
- The United States is 16th.
- Russia is 99th.
- The 10 lowest-rated: Angola, Central African Republic, Zimbabwe, Algeria, Argentina, Syria, Chad, Libya, the Republic of Congo, and Venezuela.
The bad news for U.S. citizens: Economic freedom in the U.S. has decreased steadily since 2000. Why? Decreasing international trade, increasing regulations, the legal system, and lower protection of property rights.
The important "take away"? This decrease lowers the U.S. growth rate 1.5% annually, indicating not only that the U.S. is less competitive globally but jobs and incomes suffer in the homeland.
Of course, it's all George W. Bush's fault!
Let the discussion begin...
To read the Frasier Institute 2015 Annual Report, click on the following link:
“Economic Freedom of the World: 2015 Annual Report.”