UNDERSTANDING ECONOMIC FREEDOM
While many champion the causes of political and social liberty, economic freedom is an often overlooked human right. We should work for freedom in all its forms. The freedom to produce, consume and exchange is key to guaranteeing individual liberties and other fundamental freedoms.
Economic freedom has a strong record of fueling economic growth, raising living standards, and creating a more prosperous world. Evidence suggests that the innovation and personal freedoms that are produced by a liberal market economy lead to poverty eradication, increased social advancement, and stronger democracies.
A free economy means that everyone has the opportunity to use, sell or invest their own labor and assets freely. When possible, the state must step back to allow competition, personal choice and free market access – but government still has an important role to play in upholding the rule of law and safeguarding the freedom of each individual in society.
WHAT MAKES ECONOMIC FREEDOM?
For economic freedom a country must have :
- A stable monetary environment
- Secure private property rights
- An impartial legal system
- Fair, moderated taxes
- Minimal restrictive public policies
- Negligible barriers to domestic and international exchange