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This study’s leader, Hong Kong, had its economic freedom brought into question recently, when according to an article in the Economist, an owner of a Hong Kong bookshop mysteriously disappeared, only to reappear in China. One factor that seems to be absent from this analysis is the impact of politics on economic freedom. Other nations such as Afghanistan, Iraq, Libya, Somalia, Sudan, Syria and Yemen would have probably joined these countries at the bottom if analysis of these states had been undertaken. Those at the bottomĪt the bottom were the usual suspects. This is digging a fiscal hole for future generations of Americans that will limit their economic freedom. The US scores badly on taxation, or fiscal freedom, and government spending.ĭespite taxing less than Switzerland (25.4% vs 27.1% of GDP) the US has one the world’s highest corporate tax rates at 35%, and its government spending of 39% of GDP, is well ahead of the income it collects from taxes. With an overall score of 75.4 it was placed only 11th. Over the 21 years that the Heritage Foundation has been calculating the index, they have discovered that those given more freedom to prosper economically, are healthier, better educated, better protectors of the environment, and live longer than those who aren’t.ĭespite its reputation for launching impressive and innovative companies such as Google and Apple, the US performed quite poorly. Foreign investors suffered little discrimination (investment freedom – 10th) and sources of financing were plentiful (financial freedom – 3rd).
On trade freedom Switzerland ranked 1st equal with a score of 90.
Economics freedom definition free#
The degree to which government hinders the free flow of foreign commerce and finance has a direct impact on the ability of individuals to pursue their economic goals. Business freedom (20th), labour freedom (37th) and monetary freedom (4th) were all not too far from the top. Switzerland ranked well on these regulations that often impinge on business. Freedom to find work and the ability of businesses to freely hire and fire redundant workers when they are no longer needed is essential to enhancing productivity and sustaining overall economic growth. Regulations can make it difficult for entrepreneurs to succeed. Unsurprisingly Greece scored zero on this front. France (2.5), Germany (41.3), Italy (22.1) and Austria (22.4) were all well behind Switzerland’s score of 66.3 for government spending. The gap was even greater on government spending. Neighbouring nations such France (47.7), Germany (61.5), Italy (55.8) and Austria (50.7) all scored appreciably lower than Switzerland’s 70.9 score on fiscal freedom (taxation). Set in a european context Switzerland’s performance in these areas looks somewhat better.
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