I'm a big fan of the Fraser Institutes's Free the World project. They place out a report each year ranking countries by economic freedom and it shows that these countries have higher standards of living.
How is economic freedom defined?
? Personal Selection
? Voluntary exchange coordinated by markets
? Freedom to enter and compete in markets
? Protection of persons and property from aggressions by others
Several folks confused the concepts of democracy and economic freedom. They are completely freelance of every other. Freedoms in democracy are all adults being able to form political selections through participation, voting, lobbying, criticizing, etc. Economic freedom on the other hand allows individuals to pursue the productivity of their skills through exchanges of products and services with others, compete within the market and keep the fruits of their labor. If you observe a country like Hong Kong, it's high economic freedom, however it's democratic freedom has been greatly limited. Another country would be Israel, that through the 1960's to 1990's had great democratic freedom, but lacked economic freedom.
Top Countries of 2007 (marked out of 10)
? Hong Kong(8.9)
? Singapore(8.8)
? New Zealand(8.five)
? Switzerland(8.3)
? Canada(8.1)
? United Kingdom(8.one)
? United States(8.1)
? Estonia(8.0)
? Australia(7.nine)
? Eire(7.9)
Worst Countries of 2007 (marked out of 10)
? Zimbabwa(2.9)
? Myanmar(3.eight)
? The Democratic Republic of the Congo(4.zero)
? Angola(4.a pair of)
? The Republic of the Congo(4.three)
? Central Africa Republic(4.6)
? Venezuela(4.9)
? Burundi(5.0)
? Chad(5.1)
? Niger(5.one)
To conclude, the simplest way to prosperity is thru economic freedom. The only ethical social system that acknowledges individual rights to the economy is capitalism. Through economic freedom we tend to will end the poverty in this world.
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Alex Turner has been writing articles online for nearly 2 years now. Not only does this author specialize in Economics, you can also check out his latest website about:
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