= In March 2022, the Heritage foundation has published the 28th edition of the’ Index of Economic Freedom 2022’.
= The Index covers 12 categories of econimic freedoms – from property rights to financial freedom – in 177 countries.
What is Economic Freedom?
= Economic freedom is the fundamental right of every human to control his or her own labor and property.
= In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.
= In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
- The Index of Economic Freedom focuses on four key aspects of the economic and entrepreneurial environment over which governments typically exercise policy control :-
- Rule of law (property rights, government integrity, judicial effectiveness)
- Government size (government spending, tax burden, fiscal health)
- Regulatory efficiency (business freedom, labor freedom, monetary freedom)
- Market openness (trade freedom, investment freedom, financial freedom)
- The global average economic freedom score is now 60—a loss of 1.6 points from the previous year’s 61.6.
- The global average trade-freedom score has declined from 70.9 to 69.5.
- The standard of living, measured by incomes per capita, is much higher in economically freer countries.
Ranking The World By Economic Freedom
About Heritage Foundation
- The Heritage Foundation is an American conservative think tank based in Washington, D.C., primarily geared towards public policy.
- Heritage’s mission is to formulate and promote public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.