Put simply, the greater a country’s economic freedom, the greater its level of prosperity over time. Likewise, the greater a country’s economic freedom, the faster it will grow. Economic freedom, which includes not only policies, such as free trade and stable money, but also institutions, such as the rule of law and the security of private property rights, increases more than income. It is also strongly related to improvements in other development indicators such as longevity, access to safe drinking water, lower corruption, and dramatically higher incomes for the poorest members of society.

More on Economic Freedom

Commentary

A Champion of Economic Freedom

By Michael D. Tanner. National Review (Online). May 21, 2014.

Leszek Balcerowicz Transformed Poland through an Embrace of Economic Freedom

By James A. Dorn. Forbes.com. May 19, 2014.

Economic Freedom Versus Big Government

By Richard W. Rahn. Washington Times. May 12, 2014.

Cato Studies

Asia’s Story of Growing Economic Freedom

By Razeen Sally. Policy Analysis No. 725. June 5, 2013.

Zimbabwe: Why Is One of the World’s Least-Free Economies Growing So Fast?

By Craig J. Richardson. Policy Analysis No. 722. March 18, 2013.

Trading with the Bear: Why Russia’s Entry into the WTO Is in America’s Interest

By Daniel Griswold and Douglas Petersen. Free Trade Bulletin No. 46. December 6, 2011.

Articles

The Rise of Emerging Economies: Challenges and Liberal Perspectives

Juan Carlos Hidalgo. The Friedrich Naumann Stifftung. November 5, 2013.

What Are the Lessons from Post-Communist Transitions?

Dalibor Rohac. Economic Affairs. Vol. 33. No. 1. February 6, 2013.

From Fighting the Drug War to Protecting the Right to Use Drugs: Recognizing a Forgotten Liberty

Doug Bandow. Towards a Worldwide Index of Human Freedom. 2013.

Public Filings

On International Economic and Exchange Rate Policy Hearings

By Steve H. Hanke. Testimony. May 1, 2002.

Cato Reviews & Journals

More Economic Freedom in the Music City

Mark Frankena. Regulation. Spring 2014.

The European Welfare State and Its Lessons for America

Policy Report. July/August 2013.

Canada’s Fiscal Reforms

Chris Edwards. Cato Journal. Spring/Summer 2013.

Events

The Undercover Economist Strikes Back: How to Run — or Ruin — an Economy

Featuring Dalibor Rohac. January 23, 2014. Book Forum.

Knowledge and Power: The Information Theory of Capitalism and How It Is Revolutionizing Our World

Featuring Arnold Kling and James A. Dorn. December 5, 2013. Book Forum.

The Great Escape: Health, Wealth, and the Origins of Inequality

Featuring Ian Vásquez. December 3, 2013. Book Forum.