Economic Freedom of the World Index: A comparative examination Fred McMahon Director, Globalization Studies The Fraser institute Economic Freedom of the.

Economic Freedom of the Economic Freedom of the World Index: World Index:

A comparative examinationA comparative examination Fred McMahon Director, Globalization

Studies The Fraser institute

Economic Freedom of the Arab World Meeting

Marrakesh, Morocco

Thanks

The Friedrich Naumann Foundation for Liberty deserves great credit for making this meeting happen and covering so many of the costs.

To my friend, Salem Al Ismaily and the IRF: Tireless champions of economic freedom in this region.

And, of course, to our local hosts, the Centre des Jeunes Dirigeants d’Enterprise (CJD).

Economic Freedom of the Economic Freedom of the World ProjectWorld Project

Objective: find a way to measure economic freedom and explore the connection between it and other variables

25 year project Led by the late Milton Friedman and Rose

Friedman and Michael Walker Involved 60 of the world’s top scholars

What is the Economic What is the Economic Freedom of the World Index?Freedom of the World Index?

An annual compilation of data representing factors which make a country economically free

Authors: James Gwartney and Robert Lawson A compendium of 42 government policies affecting

economic freedom based on objective data or independent surveys

A ranking of 141 countries representing 95% of the world’s population according to the extent to which they permit their citizens to be economically free

Now a collaboration of Institutes in 75 nations and territories

What is Economic FreedomWhat is Economic Freedom

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 their property as long as their actions do not violate the identical rights of others. An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are engaged in voluntary transactions.

James Gwartney et al. 1996

Components of the Economic Components of the Economic

Freedom of the World IndexFreedom of the World Index

Size of government and taxationPrivate property and the rule of lawSoundness of moneyTrade regulation and tariffsRegulation of business, labour and capital

marketsBased entirely on objective, third party data

and independent surveys for 141 countries

Talk about making a difference …Talk about making a difference …

Albanian Center for Economic Albanian Center for Economic Research (ACER), AlbaniaResearch (ACER), AlbaniaFundación Libertad, ArgentinaFundación Libertad, ArgentinaInstitute of Public Affairs, AustraliaInstitute of Public Affairs, AustraliaTIGRA®, AustriaTIGRA®, AustriaCenter for Economic and Political Center for Economic and Political Research,AzerbaijanResearch,AzerbaijanThe Nassau Institute, BahamasThe Nassau Institute, BahamasMaking Our Economy Right (MOER), Making Our Economy Right (MOER), BangladeshBangladeshScientific Research Mises Center, Scientific Research Mises Center, BelarusBelarusCentre for the New Europe, BelgiumCentre for the New Europe, BelgiumFundacion Libertad y Democracia Fundacion Libertad y Democracia (FULIDE), Bolivia(FULIDE), BoliviaInstituto Liberal do Rio de Janeiro, Instituto Liberal do Rio de Janeiro, BrazilBrazilInstitute for Market Economics, Institute for Market Economics, BulgariaBulgariaLe Centre des Affaires Humaines Le Centre des Affaires Humaines (CEDAH),Burkina Faso(CEDAH),Burkina FasoThe Cambodia Institute of The Cambodia Institute of Development Study, Cambodia Development Study, Cambodia Instituto Libertad y Desarrollo, ChileInstituto Libertad y Desarrollo, ChileInstituto Libertad y Progreso (ILP), Instituto Libertad y Progreso (ILP), ColombiaColombiaInstituto para la Libertad y el Instituto para la Libertad y el Análisis de Políticas, Costa RicaAnálisis de Políticas, Costa RicaThe Institute of Economics, CroatiaThe Institute of Economics, CroatiaLiberální Institut, Czech RepublicLiberální Institut, Czech RepublicCenter for Politiske Studier (CEPOS), Center for Politiske Studier (CEPOS), DenmarkDenmarkFundación Economía y Desarrollo Fundación Economía y Desarrollo Inc, Dominican RepublicInc, Dominican RepublicInstituto Ecuatoriano de Economía Instituto Ecuatoriano de Economía Política,EcuadorPolítica,EcuadorInternational University Audentes, International University Audentes, EstoniaEstoniaAssociation pour la Liberté Association pour la Liberté Economique et le Progrès Social Economique et le Progrès Social (ALEPS), France(ALEPS), FranceSociety for Disseminating Economic Society for Disseminating Economic Knowledge:, New Economic School – Knowledge:, New Economic School – Georgia, GeorgiaGeorgia, Georgia

Center for Business and Society Incorporated (Civita), Center for Business and Society Incorporated (Civita), Norway Norway International Research Foundation (IRF), OmanInternational Research Foundation (IRF), OmanAlternate Solutions Institute, PakistanAlternate Solutions Institute, PakistanPal-Think for Strategic Studies, PalestinePal-Think for Strategic Studies, PalestineFundación Libertad, PanamaFundación Libertad, PanamaCentro de Investigación y Estudios Legales (CITEL), Centro de Investigación y Estudios Legales (CITEL), PeruPeruThe Center for Research and Communication, The Center for Research and Communication, PhilippinesPhilippinesCentrum im. Adama Smitha, PolandCentrum im. Adama Smitha, PolandCausa Liberal, PortugalCausa Liberal, PortugalRomania Think Tank, RomaniaRomania Think Tank, RomaniaInstitute of Economic Analysis, RussiaInstitute of Economic Analysis, RussiaFree Market Center (FMC), SerbiaFree Market Center (FMC), SerbiaThe F.A. Hayek Foundation, Slovak RepublicThe F.A. Hayek Foundation, Slovak RepublicThe Free Market Foundation of Southern Africa, South The Free Market Foundation of Southern Africa, South AfricaAfricaPathfinder Foundation, Sri LankaPathfinder Foundation, Sri LankaTimbro, SwedenTimbro, SwedenLiberales Institut, SwitzerlandLiberales Institut, SwitzerlandArthur Lok Jack Graduate School of Business, The Arthur Lok Jack Graduate School of Business, The University of the West Indies, Trinidad, W.I.University of the West Indies, Trinidad, W.I.Association for Liberal Thinking, TurkeyAssociation for Liberal Thinking, TurkeyThe Ukrainian Center for Independent Political The Ukrainian Center for Independent Political Research, UkraineResearch, UkraineThe Institute of Economic Affairs (IEA), United The Institute of Economic Affairs (IEA), United KingdomKingdomCATO Institute, USACATO Institute, USAThe Centre for the Dissemination of Economic The Centre for the Dissemination of Economic Knowledge (CEDICE), VenezuelaKnowledge (CEDICE), VenezuelaResearch Center for Entrepreneurship Development, Research Center for Entrepreneurship Development, VietnamVietnamZambia Institute for Public Policy Analysis (ZIPPA), Zambia Institute for Public Policy Analysis (ZIPPA), ZambiaZambia

Member Institutes of Economic Freedom of the World Network

Liberales Institut, GermanyLiberales Institut, GermanyThe Institute of Economic Affairs, GhanaThe Institute of Economic Affairs, GhanaCentro de Investigaciones Económicas Centro de Investigaciones Económicas Nacionales, GuatemalaNacionales, GuatemalaInstitut de Recherche pour la Liberte Institut de Recherche pour la Liberte Economique et la Prosperite (IRLEP), HaitiEconomique et la Prosperite (IRLEP), HaitiHong Kong Centre for Economic Research, Hong Kong Centre for Economic Research, Hong KongHong KongSzazadveg Foundation, HungarySzazadveg Foundation, HungaryCentre for Social and Economic Research Centre for Social and Economic Research (RSE), Iceland(RSE), IcelandCentre for Civil Society, IndiaCentre for Civil Society, IndiaThe Institute for Development of The Institute for Development of Economics and Finance, IndonesiaEconomics and Finance, IndonesiaOpen Republic Institute, IrelandOpen Republic Institute, IrelandJerusalem Institute for Market Studies, Jerusalem Institute for Market Studies, IsraelIsraelCentro Einaudi, ItalyCentro Einaudi, ItalyBureau d'Analyse d'Ingenierie et de Bureau d'Analyse d'Ingenierie et de Logiciels (BAILO), Ivory CoastLogiciels (BAILO), Ivory CoastYoung Entrepreneurs Association, JordanYoung Entrepreneurs Association, JordanAfrican Research Center for Public Policy African Research Center for Public Policy and Market Process, Kenyaand Market Process, KenyaCenter for Free Enterprise, KoreaCenter for Free Enterprise, KoreaEconomic Policy Institute-Bishkek Economic Policy Institute-Bishkek Consensus, Kyrgyz RepublicConsensus, Kyrgyz RepublicLithuanian Free Market Institute, Lithuanian Free Market Institute, LithuaniaLithuaniaD'Letzeburger Land, LuxembourgD'Letzeburger Land, LuxembourgCentro de Investigación para el Desarrollo Centro de Investigación para el Desarrollo A.C., A.C., MexicoMexicoOpen Society Forum, MongoliaOpen Society Forum, MongoliaThe Center for Entrepreneurship and The Center for Entrepreneurship and Economic Development, MontenegroEconomic Development, MontenegroThe Prosperity Foundation, NepalThe Prosperity Foundation, NepalThe New Zealand Business Roundtable, The New Zealand Business Roundtable, New ZealandNew ZealandInitiative for Public Policy Analysis, Initiative for Public Policy Analysis, NigeriaNigeria

Sample of Press Coverage forFraser Institute’ Economic Freedom of the World 2008

African Executive,KenyaAfrican Executive,KenyaAl Sabah, KuwaitAl Sabah, KuwaitAljazeera Net, Aljazeera Net, InternationalInternationalThe American The American Conservative, USAConservative, USAAmerican Spectator, USAAmerican Spectator, USAAOL Money & Finance, AOL Money & Finance, USAUSAAsia Pulse, InternationalAsia Pulse, InternationalAugusta Chronicle, USAAugusta Chronicle, USABBC, InternationalBBC, InternationalBlack Sea Press, GeorgiaBlack Sea Press, GeorgiaBoston Herald, USABoston Herald, USABudapest Sun, RomaniaBudapest Sun, RomaniaBulgarian News Agency, Bulgarian News Agency, BulgariaBulgariaBulgarian Post, BulgariaBulgarian Post, BulgariaBusiness Day, South Business Day, South AfricaAfricaBusiness Plus TV, Business Plus TV, PakistanPakistanBusiness Recorder, Business Recorder, PakistanPakistanBusiness Zone, BulgariaBusiness Zone, Bulgaria

Chinese Canadian Times, Chinese Canadian Times, CanadaCanadaChinese Paper, ChinaChinese Paper, ChinaDaily Graphic, GhanaDaily Graphic, Ghana

Daily News Sunday, USADaily News Sunday, USADar Al Hayat, LebanonDar Al Hayat, Lebanon

Darik Finance, BulgariaDarik Finance, Bulgaria

Donga Korea Daily, KoreaDonga Korea Daily, KoreaEcon Bulgaria, BulgariaEcon Bulgaria, Bulgaria

Dawn, PakistanDawn, PakistanLeader Post, CanadaLeader Post, CanadaL'Orient le Jour, LebanonL'Orient le Jour, LebanonMalaysia Paper, MalaysiaMalaysia Paper, MalaysiaMarker Israel,Marker Israel, IsraelIsraelMarketwire, CanadaMarketwire, CanadaMonburkina.com, Burkina FasoMonburkina.com, Burkina Faso

Munhwa Daily Korea, KoreaMunhwa Daily Korea, KoreaNaharnet Beirut, LebanonNaharnet Beirut, LebanonNassau Guardian, BahamasNassau Guardian, BahamasNational Post,National Post, CanadaCanadaThe New York Times, USAThe New York Times, USANoticias Lusofonas, AngolaNoticias Lusofonas, AngolaOman Tribune,OmanOman Tribune,OmanPari Newspaper, BulgariaPari Newspaper, BulgariaPortfolio Hungary, HungaryPortfolio Hungary, HungaryRadioPlovdiv, BulgariaRadioPlovdiv, BulgariaReuters, USAReuters, USARussian Paper,Russian Paper, RusiaRusiaSofia News Agency, BulgariaSofia News Agency, BulgariaSouth China morning Post, ChinaSouth China morning Post, ChinaStar Phoenix,CanadaStar Phoenix,CanadaTaiwan Economic News, TaiwanTaiwan Economic News, TaiwanTelegraph-Journal, CanadaTelegraph-Journal, CanadaTimes of India, IndiaTimes of India, IndiaVancouver Sun, CanadaVancouver Sun, CanadaVenezuelan Paper, VenezuelaVenezuelan Paper, VenezuelaXinhua, ChinaXinhua, China

Economia y Negocios, Economia y Negocios, InternationalInternationalEconomic Times India, IndiaEconomic Times India, IndiaEdmonton Journal, CanadaEdmonton Journal, CanadaEl Economista, InternationalEl Economista, InternationalEl Economista.es, SpainEl Economista.es, SpainFinancial News Korea, KoreaFinancial News Korea, KoreaFinancial Post, CanadaFinancial Post, CanadaFinanciarul, RomaniaFinanciarul, RomaniaForeign Policy, USAForeign Policy, USAGeorgian Business Week, Georgian Business Week, GeorgiaGeorgiaGlobe and Mail, CanadaGlobe and Mail, CanadaGlobe Investor, USAGlobe Investor, USAGlobes, IsraelGlobes, IsraelHankyoreh Daily Korea, KoreaHankyoreh Daily Korea, KoreaHerald (Ottawa, KS), USAHerald (Ottawa, KS), USAHong Kong Commercial Daily, Hong Kong Commercial Daily, Hong Kong Economic Times, Hong Kong Economic Times, Hong KongHong KongHungarian News Digest, Hungarian News Digest, HungaryHungaryIndian Business Insight, IndiaIndian Business Insight, IndiaInvestor's Business Daily, USAInvestor's Business Daily, USAIsrael Business Arena, IsraelIsrael Business Arena, IsraelJang Lahore, PakistanJang Lahore, PakistanKatmandu Post, NepalKatmandu Post, NepalLa Presse Canadienne, CanadaLa Presse Canadienne, CanadaLatin Business Chronicle, USALatin Business Chronicle, USALe Droit, CanadaLe Droit, CanadaLeader, IcelandLeader, IcelandZambia Post, ZambiaZambia Post, ZambiaZimbabwe Independent, ZimbabweZimbabwe Independent, Zimbabwe

Sub-national and Regional IndicesSub-national and Regional Indices

Economic Freedom of the Arab WorldEconomic Freedom of the Arab World

Marketization Index of Chinese Provinces

Economic Freedom Index of Indian States

Economic Freedom Index of German States

Economic Freedom Index of Argentinean Provinces

Economic Freedom of North AmericaEconomic Freedom of North America

Overall Economic Freedom Index Overall Economic Freedom Index and the Top 10and the Top 10

Source: The Fraser Source: The Fraser Institute.Institute.

0 2 4 6 8 10

Score (out of 10)

Hong Kong

Singapore

New Zealand

Average of top 10

Switzerland

Chile

United States

Ireland

Canada

Australia

United Kingdom

Overall Economic Freedom Overall Economic Freedom Index and the Bottom TenIndex and the Bottom Ten

0 2 4 6 8 10

Score (out of 10)

Niger

Chad

Congo, Dem.R.

Guinea-Bissau

Central Afr. Rep.

Congo, Rep.of

Venezuela

Angola

Myanmar

Zimbabwe

Source: The Fraser Source: The Fraser Institute.Institute.

Economic Freedom Over TimeEconomic Freedom Over Time

6.15.5 5.4 5.5 5.7 6.0

6.4 6.4 6.4 6.4 6.4 6.6 6.6 6.6

0

2

4

6

8

10

Eco

no

mic

Fre

edo

m S

core

1970 1975 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007

Source: The Fraser Source: The Fraser Institute.Institute.

Why is Economic Freedom Why is Economic Freedom Important?Important?

Economic rights are fundamental rights in the sense that without them there can be no political freedom or civil freedoms

They are a prerequisite for growth and development

They are a prerequisite for broader human development

The impact on economic growth The impact on economic growth and developmentand development

Per Capita Income and Economic Per Capita Income and Economic Freedom QuartileFreedom Quartile

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

GD

P P

er C

apit

a (p

pp

), 2

007

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ………………... Most FreeLeast Free ………………... Most FreeSources: The Fraser Institute; The World Bank, World Development Sources: The Fraser Institute; The World Bank, World Development Indicators, Indicators, 2009.2009.

Growth in Real GDP Per Capita Growth in Real GDP Per Capita and Economic Freedom Quartileand Economic Freedom Quartile

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GD

P P

er

Ca

pit

a %

Gro

wth

,

19

90

-20

07

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ……………..…… Most FreeLeast Free ……………..…… Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators, 2009.2009.

Foreign Direct Investment and Foreign Direct Investment and Economic Freedom QuartileEconomic Freedom Quartile

0.0%

3.2%

6.4%

9.7%

12.9%

16.1%

19.3%

Fo

reig

n d

ire

ct

inv

es

tme

nt,

ne

t in

flo

ws

(%

of

GD

P),

19

90

-20

07

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ……………...…... Most FreeLeast Free ……………...…... Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators, 2009.2009.

Economic Freedom, the Poor, andEconomic Freedom, the Poor, andInequalityInequality

Income Share of the Poorest 10% and Income Share of the Poorest 10% and

Economic FreedomEconomic Freedom

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Inco

me S

hare

Held

by

Lo

west

10%

, 1990-2

007

Most FreeQuartile

2ndQuartile

3rdQuartile

Least FreeQuartile

Least Free …………….. Most FreeLeast Free …………….. Most FreeSources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

Per Capita Income of Poorest 10% Per Capita Income of Poorest 10% and Economic Freedomand Economic Freedom

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Most Free Quartile2nd Quartile3rd QuartileLeast Free Quartile0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Income amount held by lowest 10% (1990-2007)Income share held by lowest 10% (1990-2007)

Least Free ……………………. Most Free Least Free ……………………. Most Free Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

The impact of Economic Freedom on The impact of Economic Freedom on the UN’s Human Development Index the UN’s Human Development Index and other indicators of well-beingand other indicators of well-being

Human Development Index and Economic Human Development Index and Economic Freedom QuartilesFreedom Quartiles

0.0

0.2

0.4

0.6

0.8

1.0

Un

ited

Nat

ion

s H

um

an D

evel

op

men

t In

dex

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ……………. Most FreeLeast Free ……………. Most Free

Sources: The Fraser Institute; United Nations Development Programmme, Human Sources: The Fraser Institute; United Nations Development Programmme, Human Development Indicators 2009, available at http://hdr.undp.org/.Development Indicators 2009, available at http://hdr.undp.org/.

Life Expectancy at Birth and Life Expectancy at Birth and Economic Freedom QuartilesEconomic Freedom Quartiles

0

20

40

60

80

Yea

rs

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ……………. Most FreeLeast Free ……………. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

Infant Mortality and Economic Infant Mortality and Economic Freedom QuartileFreedom Quartile

0

20

40

60

80

Per

1,0

00 li

ve b

irth

s, 2

007

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ………..………. Most FreeLeast Free ………..………. Most Free Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

% of Population Using Improved % of Population Using Improved Water SourcesWater Sources

0

20

40

60

80

100

Per

cen

tag

e

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ………………... Most FreeLeast Free ………………... Most Free Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

Environmental Performance and Economic Environmental Performance and Economic Freedom QuartileFreedom Quartile

0

20

40

60

80

100

Ind

ex (

ou

t o

f 10

0)

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free ………..……….. Most FreeLeast Free ………..……….. Most Free Sources: The Fraser Institute; The World Bank, World Development Indicators, Sources: The Fraser Institute; The World Bank, World Development Indicators,

2009.2009.

Economic Freedom, Other Economic Freedom, Other Freedoms and DemocracyFreedoms and Democracy

Economic Freedom and CorruptionEconomic Freedom and Corruption

0

2

4

6

8

10

Co

rru

pti

on

Ra

tin

g

(ou

t o

f 1

0)

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free …………………. Most FreeLeast Free …………………. Most Free

Sources: The Fraser Institute; Transparency International, Corruption Perceptions Index, Sources: The Fraser Institute; Transparency International, Corruption Perceptions Index, 2006/2007, available at http://www.transparency.org.2006/2007, available at http://www.transparency.org.

Economic Freedom and Political RightsEconomic Freedom and Political Rights

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Po

litic

al R

igh

ts (

ou

t o

f 7)

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free …………………. Most FreeLeast Free …………………. Most Free Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 2007, available at http://www.freedomhouse.org/.2007, available at http://www.freedomhouse.org/.

Economic Freedom and Civil LibertiesEconomic Freedom and Civil Liberties Lower ratings indicate higher level of civil liberties Lower ratings indicate higher level of civil liberties

0.0

2.0

4.0

6.0

8.0

10.0

Civ

il L

iber

ties

(o

ut

of

7)

Most FreeQuartile

2nd Quartile3rd QuartileLeast FreeQuartile

Least Free …………………… Most FreeLeast Free …………………… Most Free Sources: The Fraser Institute; Freedom House, Freedom in the World Country Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 2007, available at http://www.freedomhouse.org/.Ratings, 2007, available at http://www.freedomhouse.org/.

ConclusionsConclusions

Economic Freedom

Increases prosperity for all Reduces poverty Increases other freedoms Improves quality of life There is increasing global agreement about the

need for more economic freedom Recent deviations from some aspects of

economic freedom will be unlikely to persist in the face of the general move toward more freedom

The Global Competitiveness Report

The Global Competitiveness Index (GCI) … captures the microeconomic and macroeconomic foundations of national competitiveness.

We define competitiveness as the set of institutions, policies, and factors that determine the level of productivity of a country.

From:www.weforum.org/en/initiatives/gcp/Global%20Competitiveness%20Report/index.htm

Doing Business Doing Business focuses on 10 topics, with thespecific aim of measuring the regulation and red tape relevant to the life cycle

Doing Business does not: measure all aspects of the business environment that matter to

firms or investors. assess the strength of the financial system or financial market

regulations. cover all regulations, or all regulatory goals, in any economy.

From:www.doingbusiness.org/

Heritage Economic Freedom Index

Subjective rankings Cannot be reproduced Impossible to tell exactly why a nation

received a certain score Opens the index to political manipulation to

suit the political preferences of the authors There have been a number of charges in the

media the index has been politically influenced The index is getting better

www.freetheworld.comwww.freetheworld.com

www.fraserinstitute.orgwww.fraserinstitute.org