Economic Freedom of the World: 2003 Annual Report

The foundations of economic freedom are personal choice, voluntary exchange, and open markets. As Adam Smith, Milton Friedman, and Friedrich Hayek have stressed, freedom of exchange and market coordination provide the fuel for economic progress. Without exchange and entrepreneurial activity coordinated through markets, modern living standards would be impossible.

Potentially advantageous exchanges do not automatically occur. Their realization is dependent on the presence of sound money, rule of law, and security of property rights, among other factors. Economic Freedom of the World seeks to measure the consistency of the institutions and policies of various countries with voluntary exchange and the other dimensions of economic freedom.

Published by the Fraser Institute.

Press Contact: Cato Media Relations, 202–218-4621.

Press Release

Contents:
Table of Contents and Acknowledgements [pdf, 211Kb]
Executive Summary [pdf, 96Kb]
Chapter 1 [pdf, 337Kb]
Chapter 2 [pdf, 180Kb]
Chapter 3, Country Data A through C [pdf, 297Kb]
Chapter 3, Country Data D through J [pdf, 232Kb]
Chapter 3, Country Data K through P [pdf, 236Kb]
Chapter 3, Country Data R through Z [pdf, 236Kb]

Also available on CD-Rom on this year—the data in the Economic Freedom of the World has been incorporated into a software research tool along with data from the World Bank Development Indicators. Analyze economic freedoms across groups of countries, correlate economic freedoms against growth, and produce charts for presentations.

“The world’s political leaders and others concerned with economic growth… would do well to give their custom to… [the] Economic Freedom of the World report, an annual publication that aims to measure economic freedoms in 123 countries.”
—The Economist, June 22, 2002

“Economic freedom advances economic growth, reduces poverty and promotes other civil and political freedoms. It is also a tonic against terrorism because of the opportunities it creates. All the nations behind global terrorism lack economic freedom.”
—Nobel Laureate Milton Friedman

“It’s an article of faith for most economists that freedom of trade pays off in economic growth. Their faith is supported by hard numbers in… [the] Economic Freedom of the World report.”
—Business Week, June 24, 2002

James Gwartney is a professor at Florida State University. Robert Lawson is a professor at Capital University.