Once a standard bearer of economic liberty, the United States is rapidly losing its status as one of the freest economies in the world. This year, the United States dropped to 18th position on the charts, a far cry from its second-place ranking in 2000. How do the other countries measure up?
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?