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According to Economic Freedom Network, individuals have economic freedom when “property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give property as long as their actions do not violate the identical rights of others.”
On that basis, freer economies are known to have higher incomes, longer life expectancies, lower infant mortality rates, greater literacy, and more civil and political liberties – factors that directly affect standards of living.
How much economic freedom exists in your country?
Unsurprisingly, the BRICS countries sixth annual summit in Brazil once again polarised public opinion. When the proposal for a BRICS development bank and currency swap arrangement was put forward in March 2012, the reaction was already divided. Some believed — including ‘rival’ international financial institutions (IFIs) such as the World Bank and the International Monetary Fund (IMF) — that there is room for such an institution to help meet developing countries’ massive investment needs. Read more
Mohamed A. El-Erian,
Isam al Khafaji,
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