Economic Freedom: Affluence and Freedom

Figure 1.--This is the Heritage Fondation 2017 map of economic freedom. Notice the correlation between economic freedom and affluence as well as the lack of economic freedom and poverty. Click here for the map index. The blue areas represent economic freedom. The red areas represent restictions on economic freedom.The grey color represents countries not ranked. Forbes also prepares an interntional ranking of the best and worst countries to do business. Click on the image to see the Forbes ranking.

There is a strong association between economic freedom (capitalism) and affluence. The richest countries unless a country sits on a pool of oil are cultries with core capitalist economoies. The countries include Western European countries which call them selves social democracies and have generous social welfare systems. Their core economies are, however, all capitalist, albeit with cary degrees of regulations. Generally speeking, the less inerous the regultions controlig business, the more prosperous the country. Along with economic freedom, political freedom is also involved because the rule of law, te protection of property, a functioning judicial system, and other atributes of a democratic system contribute strongly to the functioining of a capitalist economy. This can be seen visually in the world map here. The countries with the greatest economic and political freedom (Western Europe and North America) are therichest aling with the Asian Tigers and Commonwealth countries (Austrlia and New Zealand). In contrast the countries with the least economic and political feeedom are th pootest countries which can be seen in Latin Ameriva, Africa, and Asia. Here Communism, corruption, poor property rights and investor protection, and weak monetary policies. Here both ountries with socialist poliies as well as Islamic fundamentalsm appear to be factors adversely impairing economic develiment..


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Created: 7:42 PM 6/2/2017
Last updated: 7:42 PM 6/2/2017