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Mapped: Economic Freedom Around the World
How would you define a country’s economic freedom?
The cornerstones of economic freedom by most measures are personal choice, voluntary exchange, independence to compete in markets, and security of the person and privately-owned property. Simply put, it is about the quality of political and economic institutions in countries.
Based on the Index of Economic Freedom by the Heritage Organization, we mapped the economic freedom of 178 countries worldwide.
Measures of Economic Freedom
The index uses five broad areas to score economic freedom for each country:
- Size of Government: Greater government spending, taxation, and bigger government agencies tend to reduce individual choice and economic freedom.
- Legal System and Property Rights: The ability to accumulate private property and wealth is a central motivating force for workers and investors in a market economy, and well-functioning legal frameworks protect the rights of all citizens.
- Sound Money: Does earned money maintain its value, or is it lost to inflation? When inflation is high and volatile, individuals can’t plan for the future and use economic freedom (Read more...)