economic freedom essay examples

25 Economic Freedom Examples

Chris Drew (PhD)

Dr. Chris Drew is the founder of the Helpful Professor. He holds a PhD in education and has published over 20 articles in scholarly journals. He is the former editor of the Journal of Learning Development in Higher Education. [Image Descriptor: Photo of Chris]

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Economic Freedom is a term that describes the level of liberty individuals have in making economic decisions.

This concept is closely associated with the ideas of free markets and laissez-faire governance (Gwartney et al., 2022).

The implication is that people can conduct their economic affairs without interference from government, and this state has often been linked to various desirable societal outcomes such as improved well-being and growth (Gehring, 2013; Williamson & Mathers, 2011).

Economic freedom can be measured through different indicators, including the size of government, legal environment, and security of property rights (Lawson et al., 2020), although the most authoritative index of economic freedom is the Fraser Insitute and Wall Street Journal’s annual index. In 2023, Singapore ranked first on the index (the top 10 are reproduced in a table at the end of this article).

Although the concept of economic freedom is widely studied, its impact and implications continue to be a subject of rigorous academic debate, with some arguing that traditional measures of economic freedom act as a proxy for freedom of corporations to exploit workers (Hall & Lawson, 2014).

Economic Freedom Examples

1. minimal government intervention.

In an economically free society, the government minimally interferes in business operations. The government does not unduly control the prices of goods and services. There is limited licensing required to conduct businesses. Industries are free from undue government mandates and regulations. As such, businesses and entrepreneurs can operate freely with few government constraints (Berggren, 2013).

2. Property Rights

Economically free societies strongly protect property rights. Property owners have the right to use their property as they see fit, within certain legal bounds. They have the freedom to sell, rent, or alter their property as they desire. Contracts are enforced and respected in economically free societies. This encourages investments as individuals and businesses can be confident in the legal protection of their property (Lawson, Murphy & Powell, 2020).

3. Free Trade

Free trade is a cornerstone of an economically free society. Businesses, as well as individuals, have the freedom to buy and sell goods and services internationally (Williamson & Mathers, 2011). There are no or minimal trade restrictions, such as tariffs, quotas or bans. This also encourages competition and efficiency. Consumers reap the benefits of this competition through lower prices and a wider variety of goods and services.

4. Secure Monetary System

An economically free society has a secure and sound monetary system. Inflation is kept under control and the value of currency remains stable over time (Williamson & Mathers, 2011). Monetary policies are clear, consistent, and transparent. This allows businesses to make long-term investment plans confidently. It also helps to maintain the purchasing power of consumers and protect their savings from eroding due to inflation.

5. Fiscal Health

In a society with economic freedom, fiscal health is a priority. The government maintains fiscal discipline, avoids extreme fiscal deficits, and maintains manageable debt levels. Taxation, while necessary for funding public services, is not excessive or burdensome. This allows private entities to save, invest, and expand. Thus, a strong fiscal position is a fundamental trait of an economically free society (Lawson, Murphy & Powell, 2020).

6. Regulatory Efficiency

Economically free societies are characterized by efficient regulations. These regulations are necessary to protect consumers, maintain ethical standards, and ensure fair competition (Gwartney et al., 2022). But they are not too burdensome or complex that they hamper business activities. Businesses have a clear understanding of what they need to do to comply with these regulations. This makes for a business-friendly environment that encourages innovation and growth.

7. Labour Freedom

In an economically free society, employers and employees have significant freedom in their employment decisions. Employers are free to hire or fire employees based on merit (Berggren, 2013). Employees can choose their employer, occupation, or resign at their discretion. Labour laws are balanced and do not unduly favour either employees or employers. This promotes efficiency , productivity, and prosperity in the labour market.

8. Investment Freedom

In economically free societies, there are few restrictions on investments (Lawson, Murphy & Powell, 2020). Both domestic and foreign investments are encouraged. There are no unfair advantages accorded to state-owned enterprises or local companies. Investment decisions are primarily driven by market conditions and not government policies or regulations. Thus, capital flows freely to where it can yield the highest returns.

9. Unhindered Market Access

Market access is unhindered in an economically free society. Businesses can enter or exit the market freely depending on market conditions (Williamson & Mathers, 2011). Monopolies and oligopolies are closely monitored to prevent any unfair practices. Market competition is encouraged and maintained. This promotes productivity, innovation, and efficiency.

10. Financial Freedom

Economically free societies are marked by strong financial freedom. The banking sector operates without undue government intervention. Rules and regulations protect the rights of depositors and investors, prevent fraud, and maintain the stability of the financial system. Credit is allocated based on market conditions and not government directions (Gwartney et al., 2022). Thus, economically free societies are marked by strong, stable, and responsive financial systems.

11. Transparent Governance

Transparent governance is key in an economically free society. Government operations, public decisions, and fiscal policies are conducted with openness (Berggren, 2013). This transparency allows businesses and individuals to plan accordingly, contributing to economic stability. Information is freely available, ensuring accountability from government officials. With responsible governance, public trust intensifies, and economic development is further facilitated.

12. Rule of Law

The rule of law is foundational to an economically free society. Laws are fair, consistently enforced, and apply to all citizens, including those in authority (Williamson & Mathers, 2011). Such a legal environment offers certainty to businesses and individuals, which helps to maintain economic stability. A jurisdiction with robust rule of law offers more significant credibility, attracting investments. This respect for rule of law hence underpins economic freedom and promotes prosperity.

13. Equality of Opportunity

Economic freedom entails the equality of opportunity that underpins true meritocracy . Everyone has the fair chance to use their skills and resources to succeed. There are no institutional barriers that favor certain groups over others (Williamson & Mathers, 2011). This fairness is critical to maintaining a healthy competitive market. A society that embraces equality of opportunity encourages entrepreneurship, innovation, and economic growth (Berggren, 2013).

14. Freedom to Innovate

Economically free societies encourage innovation (Gwartney et al., 2022). There are limited regulations or barriers to entry that dampen creative business ideas. Intellectual property rights are respected and protected, encouraging individuals and businesses to innovate. The freedom to innovate results in a thriving entrepreneurial ecosystem and a dynamic economy. These factors, in turn, often spur technological advancement and economic improvement.

15. Free Competition

In an economically free society, free competition exists. Barriers to entry and exit in the market are minimal, allowing new businesses to freely compete, without monopolistic markets (Hall & Lawson, 2014). Companies compete based on price, quality, and customer service, pushing for innovation and efficiency. This competition ultimately benefits consumers with better products and services. Thus, free competition is a significant aspect of economic freedom and consumer welfare.

16. Respect for Private Property

Respect for private property is a key trait of economically free societies. Property rights are fully protected by the law (Gwartney et al., 2022). The right to own, use, exchange, or dispose of property is crucial for supporting individual freedom. Respecting private property rights encourages investment, innovation, and economic growth. Therefore, a society that respects these rights also enables a prosperously free economy.

17. Citizen Participation

In an economically free society, citizen participation is encouraged. Individuals take initiative and freely participate in the economy, such as, starting businesses, investing in markets, or trading goods and services (Berggren, 2013). This active participation contributes positively to economic growth and development. Governments facilitate this participation by maintaining low barriers to entry. Hence, citizen participation is a critical element of economic freedom. (Note a flaw in the Heritage Foundation’s index, where Singapore tops the list despite absence of truly free speech in the city-state).

18. Minimal Tax Burden

An economically free society aims to minimize the tax burden on its citizens. While taxes are necessary to fund public services, they are not excessively burdensome or inhibiting economic activity (Lawson, Murphy & Powell, 2020). The tax structure is transparent and predictable, encouraging businesses to invest and grow. The average citizen finds the taxation system fair and manageable. This responsible fiscal management promotes economic freedom and fosters a healthy business environment.

19. Financial Privacy

Financial privacy is respected in an economically free society. Citizens and businesses have the right to privacy in their financial affairs, free from unwarranted government interference. Government agencies may only access personal financial data for legitimate and defined purposes, with proper checks in place. Protecting financial privacy promotes trust, encourages economic participation, and supports the secure and free operation of financial markets (Williamson & Mathers, 2011).

20. Freedom of Occupational Choice

In societies with economic freedom, individuals enjoy the freedom of occupational choice. They have the liberty to choose their career path based on their skills, experience, and interests. There are no unreasonable barriers such as onerous licensing requirements or restrictive trade union practices. This freedom ensures that the labor market is efficient and competitive, contributing to a diverse and dynamic economy (Lawson, Murphy & Powell, 2020).

21. Economic Resilience

Economic freedom fosters economic resilience. Economically free societies tend to be more adaptable to changes and better able to recover from economic shocks (Gwartney et al., 2022). This resilience is primarily due to the diversity and flexibility inherent in free markets. Businesses and individuals can swiftly adjust to changing circumstances, minimize losses, and seize new opportunities. This resilience underscores the sustainability of economically free societies.

22. Freedom from Compulsory Sharing

In an economically free society, individuals are free from compulsory sharing. They have the right to reap the fruits of their labor and decide how and when to share their wealth (Hall & Lawson, 2014). The government does not forcefully redistribute wealth. Instead, it ensures a fair environment where everyone has an opportunity to gain wealth by their own efforts. This respect for individual rights is instrumental to economic freedom.

23. Voluntary Exchange

A society characterized by economic freedom encourages voluntary exchanges. Individuals and businesses can freely exchange goods, services, and labor on terms they mutually agree upon. Compulsion or coercion in trade is minimal or absent, and contractual agreements are respected and enforced by law. This voluntary exchange stimulates economic activity and contributes to overall economic prosperity (Hall & Lawson, 2014).

24. Consumer Sovereignty

In economically free societies, consumer sovereignty prevails. Consumers have the freedom to choose the goods and services they buy, which in turn influences what producers create and sell (Berggren, 2013). This consumer-driven approach leads to a market that better caters to the needs and desires of the population. It also encourages innovation and quality improvement as businesses seek to meet ever-evolving consumer demands.

25. Freedom to save and invest

Societies with economic freedom empower their citizens to save and invest. Individuals can retain a significant portion of their income, which they can save, invest, or spend as they see fit (Gwartney et al., 2022). The legal and regulatory environment encourages and facilitates savings and investments. Economic freedom, therefore, is not just about earning money but also about having the freedom to use it in ways that individuals deem most beneficial.

How is Economic Freedom Measured?

Economic freedom is quantitatively gauged through several key metrics.

Fraser Institute’s “Economic Freedom of the World” report is a comprehensive study that evaluates countries on five major dimensions (Gwartney et al., 2022). These include the size of government, legal system and property rights, sound money, freedom to trade internationally, and regulation.

Each of these dimensions is further broken down into several components:

• Size of Government comprises government spending, taxes, and enterprises (Lawson et al., 2020).
• Legal System and Property Rights incorporates judicial independence, impartial courts, and protection of property rights, among other things (Lawson, Murphy, & Powell, 2020).
• Sound Money evaluates the country’s money supply growth, standard deviation of inflation, and inflation (Berggren, 2003).
• Freedom to Trade Internationally covers tariffs, regulatory trade barriers, and controls of the movement of capital and people (Gwartney et al., 2022).
• Regulation comprises credit market regulations, labor market regulations, and business regulations (Hall & Lawson, 2014).

By evaluating these components and calculating a country’s score on each, it becomes possible to measure and compare the level of economic freedom between nations. Note, however, that each of these models directly assesses how neoliberal , hands-off, and libertarian countries are, not how well they protect workers and consumers.

The Economic Freedom Index

The Heritage Foundation creates an Economic Freedom Index manually. This index serves as an authoritative ranking of nations’ economic freedoms.

The 2023 rankings are as shown below:

• Switzerland
• New Zealand
• Netherlands
• South Korea
• Czech Republic
• United Arab Emirates
• United States

These 27 nations are positioned as “economically free or mostly free.” From 28 onward, nations are ranked as “moderately free” or below.

These rankings should be looked at with a critical eye, however (Heckelman & Stroup, 2000; Keseljevic, 2013). The first observation would be that the Heritage Foundation is an unabashedly right-wing group, and their ranking methodology would likely mirror this.

For example, the rankings’ focus on “economic freedom” blatantly ignores more holistic ideas about freedom, such as the fact Singapore – the most economically free nation according to this index – is a one-party state whose control over state media and gerrymandering practices render the nation undemocratic in all but name. The ruling elite rule the nation like an economy, not a society, which is why the nation ranks at the top of this list, but this comes at the expense of civil society in the city-state. The rankings conveniently ignore this fact.

Similarly, high-ranking Switzerland and Ireland are positioned as “economically free,” but such nations also act as tax and banking havens and for large corporations – here, freedom is freedom for corporations and elites .

At the same time, it seems rather absurd that the United Kingdom and Japan rank as “moderately free” and are off the list of free nations (above), presumably because they have regulations restricting corporate exploitation.

Economic freedom, a multifaceted concept, is characterized by free markets, secure property rights, minimal governmental interference, unfettered competition, and voluntary exchanges. It transcends mere economic transactions, involving elements of personal liberty, empowerment, and social fairness. Economically free societies tend to exhibit higher resilience, responsiveness, and adaptability, supporting their citizens’ entrepreneurial aspirations and enabling robust economic growth.

While it’s essential to respect individual rights and freedoms, maintaining a balanced approach to regulation and oversight is also crucial to preserve fairness, protect consumer interests, and ensure widespread prosperity. Thus, economic freedom holds a profound significance in creating a dynamic, inclusive, and prosperous society.

Berggren, N. (2003). The benefits of economic freedom: a survey. The independent review, 8 (2), 193-211.

Gehring, K. (2013). Who benefits from economic freedom? Unraveling the effect of economic freedom on subjective well-being. World Development, 50 , 74-90.

Gwartney, J., Lawson, R., Hall, J., Murphy, R., Djankov, S., & McMahon, F. (2022). Economic freedom of the world: 2022 annual report. Fraser Institute.

Keseljevic, A. (2013). Why Indexes of Economic Freedom Cannot Be Sufficient Indicators of Economic Freedom and Future Economic Prosperity?.  Available at SSRN 2238765 .

Lawson, R. A., Murphy, R., & Powell, B. (2020). The determinants of economic freedom: A survey. Contemporary economic policy, 38 (4), 622-642.

Hall, J. C., & Lawson, R. A. (2014). Economic freedom of the world: An accounting of the literature. Contemporary Economic Policy, 32 (1), 1-19.

Heckelman, J. C. and Stroup, M. D. (2000), Which Economic Freedoms Contribute to Growth?, Kyklos, 53 (4), 527–44.

Williamson, C. R., & Mathers, R. L. (2011). Economic freedom, culture, and growth. Public Choice, 148 , 313-335.

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Free Enterprise & Economic Freedom

The free-enterprise system is the only system that has been proven to create opportunities for everyone, even the most vulnerable. This brief is a compilation of foundational work helpful for understanding and articulating the power of free markets and individual freedom in unleashing what human creativity can accomplish in a free market economy.

Table of Contents

Introduction, putting it in context, the role of government, current challenges and areas for reform, ways to get involved/what you can do, thought leaders and resources.

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View the Executive Summary for this brief.

After Brandon Boynton was badly bullied in middle school, he couldn’t help the depressive thoughts and self-doubt. But with encouragement from his parents, Boynton joined the Young Entrepreneurs Academy (YEA!) when he was a sophomore in high school. YEA! is a national program sponsored by the U.S. Chamber of Commerce Foundation that shows young people how to “‘generate business ideas, conduct market research, write business plans, pitch to a panel of investors and launch their very own companies’.”

By the age of 14, Boynton had taken the resources, skills, and contacts he gained from YEA! and started his own company, an app-making startup called MostBeastlyStudios LLC. One app is BullyBox, which “provides students with a safe, anonymous outlet to tip teachers and administrators off” to safety concerns ranging from bullying to drug and weapons related threats.

Take a look at Brandon’s story and startup here (3 min):

Explore the U.S. Chamber Foundation’s Campaign for Free Enterprise for other stories of impact about how Free Enterprise can fuel innovation, create opportunity, build community, share advice, and solve problems.

What is Free Enterprise?

Free enterprise refers to an economy in which “the market determines prices, products, and services rather than the government. Businesses and services are free of government control.” Nobel-winning economist Friedrich Hayek described a free enterprise system not as unplanned, but rather that “planning and regulation arise from the coordination of decentralized knowledge among innumerable specialists, not bureaucrats.”

Free Enterprise systems have a few key components :

Economic Freedom

Economic freedom allows individuals to buy what they want, choose their occupation, employer, and job location. It allows businesses to choose which workers to hire, which products to produce, and how much to charge. For more on this topic, see The Policy Circle’s Women & Economic Freedom Brief.

Consumer Sovereignty and Voluntary Exchange

Buyers and sellers can freely and willingly exchange goods and services in market transactions that benefit them both. This applies not only to money individuals pay to buy things, but also resources such as labor.

Private Property

Private property allows people to own their possessions and do with them what they wish (as long as they do not interfere with others’ rights). This enables them to take risks such as through investments and entrepreneurship.

Incentives and Profit

Individuals have a strong desire to improve their well-being . This incentive “stimulates employees to produce more and employers to use resources efficiently,” because everyone wants to bring to fruition the promise of rewards they can benefit from. The promise of profit also prompts efficient productivity to best answer the “‘what to produce’” and “‘how to produce’” questions, so resources are allocated to produce goods and services people value most.

Competition

Competition “takes the form of better products and, usually, lower prices – both of which promote progress.” The end result is a huge variety of products, the market prices of which are determined through supply and demand.

Why it Matters

The free enterprise system relies on economic freedom, which goes hand-in-hand with individual freedom, succinctly summarized in the Declaration of Independence as “ Life, Liberty, and the pursuit of Happiness .” Economic freedom allows individuals to “ pursue what they believe to be best for them, ” as long as they are not infringing upon the rights of others. This provides both quantitative and qualitative benefits for all. Nations with higher levels of economic freedom have an average per capita GDP roughly six times greater than those with lower levels of economic freedom, as well as higher life expectancy, political and civil liberties, gender equality, and happiness. It is the diversity of economic freedom that helps us thrive both as individuals and as a society, as Milton Friedman explains in this PolicyEd video (1 min):

We are intrinsically motivated by our passions and extrinsically motivated to improve our material well-being. Free enterprise allows us to bring the two together in the market and use the combination to earn our own success and be self-sufficient. Earning our own success through our pursuits is a defining feature of free enterprise and economic freedom. Through creativity, productivity, and innovation, we as individuals have the power to improve our lives and the lives of others by producing the goods and services that generate higher standards of living for all. As AEI’s Jonah Goldberg explains, “The government can improve your net worth, but not your self-worth, and your self-worth comes from earned success and the good character that allows you to recognize what that means.”

For more on earned success, listen to AEI’s Arthur Brooks explain (2 min):

Milton and Rose Friedman, in their popular book and 1977 TV series, Free to Choose , describe the story of the United States as “the story of an economic miracle and a political miracle that was made possible by the translation into practice of two sets of ideas both, by a curious coincidence, formulated in documents published the same year, 1776.” Learn more about Free to Choose Network , and watch Free to Choose Under 2 , which breaks down the original episodes into 2-minute videos.

The first set of ideas was from Adam Smith’s The Wealth of Nations , which analyzed how a market system could “combine the freedom of individuals to pursue their own objectives with the extensive cooperation and collaboration needed in the economic field to produce our food, clothing and housing.” This PolicyEd video explains (1 min):

The second set of ideas came from the Declaration of Independence, which established “the principle that every person is entitled to pursue his own values.” No other country was founded on this principle.

Dr. Deidre McCloskey, author of Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World , writes in the Wall Street Journal that the improvement in the last 200 years in terms of the availability of goods and services is “stunning,” and that real income has increased by a factor of 10 in countries around the world. During that same time period, she notes, countries like Japan, Sweden, and the U.S. that fully embraced free trade saw real income increase by a factor of 30.

Swedish academic and medical doctor Hans Rosling shows this enrichment, plotting the evolution of 200 countries over 200 years (5 min):

In a free enterprise system, individuals “ pursue what they believe to be best for them .” The government’s role, then, is to allow individuals to make the most of their economic freedom. This involves defining and enforcing the rules of society , such as protecting people’s right to own property, and settling disputes that result from conflicting interpretations of the rules. Much like in sports, the government plays the role of a rules committee to determine the rules; an official, to enforce the rules; and a commissioner, to settle disputes. Just as an umpire wouldn’t play shortstop, the government’s role is also limited to off the field.

Today, there are no economies that are pure, free enterprise systems . Sometimes, the government does step into play to provide certain goods and services the market would have trouble producing on its own , such as national defense. This is true in many countries including the U.S., where the role of the government has gone beyond rule maker.

Key Stakeholders

Households own most of the economic resources and determine how to best use them. For example, households own their labor and can choose which businesses they give their labor. In return for labor, they receive the wages and salaries that allow them to act as consumers and purchase the goods and services they want businesses to provide.

Businesses organize resources, such as labor and material, into products. With the incentive of profits, businesses seek ways to efficiently use resources to satisfy customers’ wants and needs.

Businesses and consumers interact in the market , “any place or any way that buyers and sellers can exchange goods, services, and resources or money.” This includes households selling their labor to businesses, businesses selling goods to households, and both households and businesses using financial markets (banks, etc.) to borrow or save money.

Market Failures and Externalities

Even the systems that work the best cannot promise perfection. A market failure is “a problem that causes the market economy to deliver an outcome that does not maximize efficiency.” One example is when the quantity of supply does not equal the quantity demanded. Another example is externalities , which occur “when one person’s actions affect another person’s well-being and the relevant costs and benefits are not reflected in market prices.”

Externalities can be positive or negative . A positive externality occurs “when there is a positive gain on both the private level and social level,” such as when research and development increases a companies’ profits while also adding knowledge to society. A negative externality, “when the social costs outweigh the private costs,” can result, for example, when pollution from a factory negatively affects the environment and the health of those living nearby.

Particularly in the case of negative externalities, costs are not often included in market prices, prompting many to “advocate for government intervention to curb negative externalities through taxation and regulation.” Government measures often include subsidies to offset costs of negative externalities; taxation meant to discourage the activities imposing an externality, such as a carbon tax ; or regulations, such as environmental or health-related legislation, like the development of the Environmental Protection Agency . This PolicyEd video breaks it down (1 min):

Subsidies and Taxes

A subsidy is “a direct or indirect payment to individuals or firms, usually in the form of a cash payment from the government or a targeted tax cut.” The purpose of a subsidy is to offset market failures and assist struggling industry, help achieve economic efficiency, or provide incentives that can encourage new developments. Direct payments include actual payments, whereas indirect payments include price reductions so items can be purchased below the market rate. For example, a healthcare subsidy is funding sent to insurance companies to lower the premium amount required from households. Other businesses that receive subsidies in the U.S. include the agricultural industry, financial institutions, and utilities companies. Good Jobs First tracks the total subsidy amounts given to companies through state and local economic development programs.

The Cost of Regulation

U.S. economic and individual freedom allows people to be entrepreneurs and follow their passions as economic pursuits, and a significant portion of Americans do just that. According to t he U.S. Small Business Administration , almost half (47%) of U.S. workers are employed by small enterprises. The U.S. Chamber foundation also estimates there are some 23 million non-employer businesses, from “‘old-fashioned family-run corner stores to home-based bloggers.’” These businesses fuel economic growth and job creation: approximately 45% of U.S. GDP is driven by the small business sector and small businesses created 1.6 million net jobs in 2019. As the heart of America’s economy and communities, these businesses and entrepreneurs also feel the effects of bad policies and regulatory complexity first.

What makes regulations even more difficult is the lack of standardization. Randy Fifield of Fifield Companies explains how in real estate, for example, “State by state mandates vary greatly,” which forces projects to be done on a case by case basis. This applies even to those within the same state, as “there are no universal norms to distinguish city by city mandates.” When entrepreneurs need to spend their time and resources discerning and adhering to regulations from rent control to zoning ordinances , it leaves fewer resources available for projects, making them harder to complete or even preventing them from getting off the ground. Such deterrents to investment hurt individuals and the overall economy. For more on how this affects local businesses and neighborhoods, see The Policy Circle’s Stitching the Fabric of Neighborhoods Brief .

Egalitarianism and Central Planning

Even though governments often step into the economic system and assume a greater role, this does not mean those societies have turned to central planning. In a centrally planned economy , a central authority makes all economic decisions regarding product manufacturing and distribution, such as determining how much a product will cost, how much of a product to produce, and how to allocate labor and resources. Advocates of central planning believe that a central authority, rather than the market, can best address issues such as inequality and corruption, but does this actually solve more problems than it generates? This Free to Choose video explains (2 min):

Central planning limits the individual and economic freedom that are key to free enterprise systems. Critics maintain this is the case because businesses cannot freely choose how much to produce, workers cannot freely choose where to dedicate their labor, and consumers cannot freely choose which products they want to buy. This means many individuals will not have access to the goods and services they may want or need because no one is allowed to produce these things and it is not where the resources have been allocated.

Leonard E. Read (1898–1983) established the website of the Foundation for Economic Education in 1946. One of his best-known pieces, I, Pencil , published in 1958, illustrates the main point that “economies can hardly be ‘planned’ when not one soul possesses all the know-how and skills to produce a simple pencil.” Watch the video version of I, Pencil here (6 min):

Central planning also skews the price system , “the link that connects consumers, producers and markets.” In a free enterprise system, the price of a good or service is based on its scarcity (the supply) and how much people value it (demand). This information is vital to making economic decisions by telling producers how much to produce and what to charge.

Too much control by a central authority can result in policies on pricing, inflation, interest rate controls, foreign exchange controls, and artificial exchange rates that damage the market, as was the case in Latin America and Africa in the 1980s and 1990s . For example, centralized control in Ghana meant the nation’s cacao exporters only received 6% of the world price of cacao. The tiny country that had dominated the world cacao market since the early 1900s lost its market share by 1982 because its cacao exporters had no incentive to produce.

Russ Roberts , research fellow at Stanford University’s Hoover Institute and host of the podcast EconTalk , explains the dilemmas posed by central planning in terms of something we all know and love: Bread (6 min).

Monetary Stability

Maintaining a stable dollar is crucial for increases in production and economic growth. It gives investors and entrepreneurs confidence that their investments and returns will not be depreciated by inflation or destabilized by swings in the business cycle.

Economic freedom is what fuels the success of America and access to hundreds of thousands of products and services. It is also what allows our citizens to pursue their own interests and even turn these passions into a path to personal and financial wellbeing. The power of the free enterprise system is in actuality the power of individual freedom and creativity. Our examples of a mobile application, loaves of bread, and pencils represent the idea that we all have a natural passion and a desire to succeed, and a free enterprise system allows Americans to do just that.

Measure : Find out what your state and district are doing about economic freedom

• Do you know the state of economic growth and economic freedom in your community or state?
• What are your state’s laws involving taxes or regulations for businesses and entrepreneurship, and how do they compare to regulations in other states ?
• How much has your state given in subsidies ? Does your municipality disclose subsidies ?

Identify: Who are the influencers in your state, county, or community? Learn about their priorities and consider how to contact them, including elected officials , attorneys general, law enforcement, boards of education, city councils, journalists, media outlets, community organizations, and local businesses.

• Who are the members of your local Chamber of Commerce ?
• Who are the entrepreneurs and small businesses in your community ? 
• What steps have your elected and appointed officials taken to make your state or community more business-friendly?
• Which Federal Reserve district is your state part of?

Reach out: You are a catalyst. Finding a common cause is a great opportunity to develop relationships with people who may be outside of your immediate network. All it takes is a small team of two or three people to set a path for real improvement.

• Find allies in your community or in nearby towns and elsewhere in the state.
• Foster collaborative relationships with community organizations, local businesses, or local chambers of commerce.

Plan: Set some milestones based on your state’s legislative calendar .

• Don’t hesitate to contact The Policy Circle team, [email protected] , for connections to the broader network, advice, insights on how to build rapport with policy makers and establish yourself as a civic leader.

Execute: Give it your best shot. You can:

• Consider the steps someone would need to take to start a business with the SBA’s Small Business Guide .
• The U.S. Chamber of Commerce and the Small Business Administration have resources for starting, running, and growing your business.

Working with others, you may create something great for your community. Here are some tools to learn how to contact your representatives and write an op-ed .

ECONSTORIES is a media channel dedicated to exploring the world of economics with visual storytelling and entertainment.

AEI’s Free Enterprise Fact Sheet

Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government, Yaron Brook

Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World ,  Deidre McCloskey (2016)

Free to Choose , Milton and Rose Friedman (1980)

The Wealth of Nations , Adam Smith (1776)

The Road to Serfdom , Friedrich Hayek (1944)

Short Reads: Foundational Readings for the Free Market Woman , The Policy Circle (2017)

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Economic Freedom in the Literature: What Is It Good (Bad) For?

Hundreds of studies in top-ranked academic journals show that economic freedom leads to positive outcomes for people, whether in increased prosperity, reduced conflict, or stronger human rights. Scholars such as Adam Smith, David Ricardo, Ludwig von Mises, F.A. Hayek, Milton Friedman, among others, argue that an economic system based on private property, competitive markets, and free trade would yield good outcomes: not only prosperity but human flourishing in many dimensions. Other scholars, among them Karl Marx, J.M. Keynes, Abba Lerner, and Joseph Stiglitz, argue that economic freedom leads to bad, or at least sub-optimal, outcomes. Ultimately, whether economic freedom yields positive or negative outcomes is an empirical question.

This chapter examines over 1,300 peer-reviewed journal articles that have cited the index published in Economic Freedom of the World: 2022 Annual Report (EFW) . Of these, over 700 articles looked at the impact of economic freedom on the human condition and most find a link between high or increasing levels of economic freedom with gains in prosperity and other measures of well-being; less than one in 20 find negative consequences.

The study uses the Fraser Institute’s EFW index as its measure of economic freedom. It measures limits to freedom whether caused by overly powerful government or crony elites. The determination of “positive” outcomes—such as increased prosperity, human rights, and social development—and “negative” outcomes—such as poverty, conflict, and reduced life expectancy—is based on 721 papers in academic journals between 1996 and early 2022 that undertook fact-based studies of the impact of economic freedom, as listed in the Social Science Citations Index (SSCI).

Just over half, 50.6%, found economic freedom was related to “positive” outcomes while only 4.6% found “negative” outcomes; 44.8% did not find a clear relationship between economic freedom and either “positive” or “negative” outcomes. Economic benefits were particularly pronounced. Two thirds of the relevant studies found that economic freedom was positively related to economic growth, 72.5% to increased incomes and productivity, and 62.9% to increased entrepreneurship.

Broad areas examined by the literature under review

• Immigration & Travel :of the 10 relevant studies, 90% found economic freedom was related to increased immigration and tourism while 10% found no clear relationship.
• Income & Productivity :of the 51 relevant studies, 72.5% found economic freedom was related to increases in income or productivity and 27.5% found no clear relationship.
• Economic Growth :of the 92 relevant studies, 66.3% found economic freedom was related to increased economic growth, 32.6% found no clear relationships, and only 1.3% found a negative relationship.
• Entrepreneurship & Innovation :of the 35 relevant studies, 62.9% found economic freedom was related to increased entrepreneurship and innovation, 34.3% found no clear relationship, and 2.9% found a negative relationship.
• Conflict—wars, civil unrest, and terrorist attacks :Of the 10 relevant studies, 60% found economic freedom was related to reduced conflict and 40% found no clear relationship. None found economic freedom increased conflict.
• Investment :of the 65 relevant studies, 58.5% found economic freedom was related to increased investment, 38.5% found no clear relationship, and 3.1% found a negative relationship.
• Labor Market Outcomes :of the 10 relevant studies, 53.3% found economic freedom produced improved labor market outcomes, such as reduced unemployment and increased wages and participation, 42.2% found no clear relationship, and 4.4%, a negative relationship.
• Human Rights & Social Development—papers using the UN’s Human Development index and other indicators like life expectancy and social trust :of the 68 relevant studies, 52.9% found economic freedom was related to improved human rights and social development, and 38.5% found no clear relationship, and 4.4% found a negative relationship.
• Trade :of the 28 relevant studies, the verdict was split down the middle with half finding economic freedom increased trade and half finding no clear relationship.
• Corruption & Shadow Economy :of the 30 relevant studies, 43.3% found economic freedom was related to reduced corruption and a smaller shadow economy, 50% found no clear relationship, and 6.7% found economic freedom was related to increases in corruption and the shadow economy.
• Environmental Outcomes—CO2 emissions and other measures of pollution as well as environmental outcomes like biodiversity :of the 24 relevant studies, 41.7% found economic freedom was related to improved environmental outcomes, 41.7% found no clear relationship, and 16.7% found a negative relationship.
• Inequality :of the 50 relevant studies, 26% found economic freedom was related to reduced inequality either in income or wealth, 54% found no clear relationship, and 20% found economic freedom related to increases in inequality.

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What Is an Index of Economic Freedom?

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The Bottom Line

Index of economic freedom: what it is and how it's used.

An index of economic freedom measures jurisdictions by trade freedom, tax burden, and judicial effectiveness. These factors may be weighted according to their influence on economic freedom and compiled into a single score. Ranking can be completed by country or wider region.

The Heritage Foundation publishes an annual Index of Economic Freedom, which ranks countries from "free" to "repressed." Singapore ranked first, and the United States ranked 25th in 2023.

Key Takeaways

• An index of economic freedom is a composite measure of the quality of political-economic institutions across different jurisdictions.
• Scores and ranks in an index are based on criteria such as property rights and tax burden.
• Economies based on a free market tend to experience greater levels of investment, more rapid growth, and higher average incomes.
• The Heritage Foundation publishes the most widely used economic freedom index.

History of Economic Freedom Indexes

The use of indexing arose as part of New Institutional Economics, the study of political-economic institutions and economic development. Historical economists like Adam Smith developed theories about how free trade and private property rights were essential to promoting economic growth and general prosperity. 20th-century economists Milton Friedman and Friedrich Hayek argued that exchange and entrepreneurial activity coordinated through markets made modern living standards possible.

Quantifying the "economic freedom" that institutions embody was viewed as a concept that could be used in empirical studies to test and demonstrate the link between institutions and economic growth . These studies would also highlight apparent failures by theories of economic development .

Indexes generally measure economic freedom based on categories like property rights, tax burden, business freedom, and trade freedom. Once a composite score for each country is calculated, economists can rank each region.

The Heritage Foundation Index of Economic Freedom

The Heritage Foundation's Index of Economic Freedom is one of the most popular indexes, scoring countries based on 12 factors:

• Property rights
• Judicial effectiveness
• Government integrity
• Government spending
• Fiscal health
• Business freedom
• Labor freedom
• Monetary freedom
• Trade freedom
• Investment freedom
• Financial freedom

The Heritage Foundation's Index of Economic Freedom has highlighted correlations that encourage nations to improve their scores over time. A common observation is that people living in countries categorized as free or mostly free enjoy higher incomes than those living in lower-scoring nations. There is also a correlation between economic freedom and GDP growth , as well as a higher standard of living and a general rule of law for citizens.

Four out of 10 countries in the Top 10 for Economic Freedom also ranked in the Top 10 of the World Happiness Report in 2023.

Investing and Index of Economic Freedom

The Heritage Foundation's Index of Economic Freedom website features a heat map that allows investors to view the changes in the world over time. Changes to economic freedom can be a significant data source for investors, particularly those interested in emerging markets . Additionally, negative changes in the index tell investors to trim their direct and indirect exposure to nations experiencing a decline.

The index of economic freedom can monitor whether new markets like BRICS nations (Brazil, Russia, India, China, and South Africa) are seeing the policy changes necessary for growth to benefit investors. The countries operate as a loose organization seeking to expand economic cooperation amongst member nations and increase their economic and political standing. In 2023, the BRICS bloc agreed to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates in 2024.

Limitations of the Index

Definitions of economic freedom can vary among economists. The absence of binding minimum wage laws appeals to a laissez-faire economist as a high degree of labor freedom but to a liberal economist as a policy that limits the economic freedom of the workers. Even among free-market-oriented economists, there are sometimes differences of opinion regarding whether specific policies and institutions should be considered economically free.

Despite these disagreements, the advent and application of indexes of economic freedom were influential in the 1990s and 2000s in driving economic development and public policy. The benefits of tracking economic freedom help countries considering economic reforms find opportunities for improving economic performance in factors where they score the lowest.

How Does Political Freedom Determine Economic Growth?

Although there is a correlative relationship between political freedom and economic growth, establishing causation is less certain. One study found that countries that transitioned to a democratic government enjoyed a 20% average gain over 25 years compared to those that retained authoritarian forms of government. An MIT economist who co-authored the study suggested that democracies "get rid of special favors" that might inhibit economic growth. They are also more likely to invest in health and human capital, generating long-term economic gains.

How Is a Free Enterprise System Linked to Economic Freedom?

Economic freedom is an element of free enterprise , a market-based system in which business decisions are made with minimal government interference. Economic freedom allows individuals to work, do business, and enter into voluntary contracts with one another.

What Is the Human Freedom Index?

The human freedom index is a composite measure of personal, civil, and economic freedoms in different countries jointly published by the Cato Institute and the Fraser Institute. Unlike the economic freedom index, the human freedom index also measures the freedom of noneconomic areas, such as religion, movement, and association in civil society.

The index of economic freedom is one of several metrics for comparing different economic regimes. Although the Heritage Foundation publishes the most widely used economic freedom index, several institutions publish their versions. Each seeks to quantify elements such as regulation, taxation, government interference, price controls, or other constraints on free enterprise and market activity.

The Heritage Foundation. " 2023 Index of Economic Freedom ."

Cato Institute. " Economic Freedom of the World ."

The Heritage Foundation. " About the Index .”

World Happiness Report. " World Happiness Report 2023 ."

ING Bank. " BRICS Expansion: the Saudi Surprise Adds Momentum to theDe-Dollarisation Debate ."

Massachusetts Institute of Technology. “ Study: Democracy Fosters Economic Growth ."

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Economics Essay Examples

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Published on: Jun 6, 2023

Last updated on: Jan 31, 2024

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Economic Freedom Essay

Type of paper: Essay

Topic: Government , Economics , Karl Marx , Freedom , Democracy , Countries , Economic Freedom , Business

Words: 1100

Published: 09/26/2019

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1. Adam Smith and Karl Marx were perhaps the most well-known economists of their time, however, their viewpoints on economics and economic development differed to a great extent. Adam Smith is most famous as a founder of the Classical Economics and a strong supporter of economic freedom and trade. Unlike mercantilists, Adam Smith tried to establish principles, which could benefit the whole nation, rather than some individuals. In his book “Inquiry into the Nature and Causes of the Wealth of Nations” he introduces the term “system of natural liberty”, which is equivalent to the current definition of capitalism. According to Smith economic freedom is a prerequisite for competitiveness and prosperity. He considered all kinds of interventions into the mechanism of the market unfavourable, since they destroyed the balance, which was established by the so called “invisible hand”. People in a free market were assumed to make rational decisions, which were based on self-interest (Twigg).

Karl Marx, on the other hand, was a supporter of socialism/communism in economics and a fierce anti-capitalist. His theory advocated collective or governmental ownership of the factors of production and asserted that labour was the key element in determining the real value of goods/services. He was strongly opposing the capitalistic society of the 19 th century, which separated people into social classes and favoured the rich. Communism, according to Marx, had no classes, therefore there was no competition in the society and everyone got free access to all the available resources (Twigg).

Although capitalist and communist societies differ greatly, some of the aspects of the theories by Karl Marx and Adam Smith can be found similar. Thus, in both of them labour is considered the key element for calculating the product value. Moreover, they were both trying to achieve extended benefits for the society as a whole, however they were doing it through different means. The success of these two theories could be now assessed looking back at the economic development patterns. Pure capitalism in the nineteenth century led to mass exploitation of the working class by the rich and to further widening of the income gap. Karl Marx’s communism could not be implemented successfully in the real world either, and it resulted in a collapse of many communism-oriented countries. However, the ideas of Karl Marx and Adam Smith have not lost their relevance because of their unsuccessful implementation. They have found reflection in the economic policies of most contemporary countries, which try to create a functional economic policy based on the two models. Thus, free trade and competition are currently pursued by many countries in the world, while limiting “the invisible hand” by introducing governmental regulations of working conditions, trade regime and income redistribution. Therefore, neither pure communism nor pure capitalism has a chance to exist, since they are only models, which represent the reality in an oversimplified way. However, both of them can be incorporated into a hybrid model, which would be able to reflect the needs of the modern world and to ensure country’s successful development and economic prosperity (Twigg).

2. Dr. Lawson, one of the developers of the “Economic Freedom of the World” index believes that economic liberty, advocated by Adam Smith, is a crucial element of economic development even today. Economic freedom, according to Lawson, is a system, which consists of free trade, property rights, private property, free markets and the rule of law. The role of government, in this case, is limited to protecting rights and providing infrastructure for further development. The results of the economic freedom assessment show that countries, which have adhered to the principles of capitalism, are usually doing much better than those, where economic and political freedom are still lagging behind. Thus, countries with high ranking in economic freedom usually have higher average income per-capita and economic growth rates, than in the countries with low rating. Income inequality in less free countries does not differ significantly from that in the economically and politically free countries, therefore the basic argument against economic liberalization fails to hold in reality. However, poor people in free countries have a per-capita income approximately 10% higher than the poor in the least economically free countries. Therefore, it is possible to conclude that the poor contribute from economic freedom just as much as the rich.

3 . Bahrain has been ranked 11 th in the level of economic freedom out of 141 countries, which were considered for the Economic Freedom of the World: 2011 Annual Report. Its score of 7,59 placed Bahrain right below the United States of America and above such European countries as Germany and Finland. The country has seen a significant improvement from 2005, when it ranked only 54 th . Such results were achieved through gradual, but consistent improvement in the area of access to sound money and through stable high levels of freedom in governmental size, security of property rights, freedom of international trade as well as in credit, labour and business freedom. Although the overall rating indicates a relatively high degree of economic and political freedom, there are still some aspects, which need further improvement, especially in the areas “size of government” and “legal structures and security of property rights”. Thus, governmental consumption is very high in Bahrain, which indicates that personal choice is being substituted by governmental decisions and provisions. The number of governmental enterprises in the economy also indicates that there is a large degree of centralized decision-making. The impartiality of the courts is another concern for Bahrain, because inability to provide impartial court system undermines the rule of law and the security of property rights. Hiring and firing laws in Bahrain should be also reconsidered, since they limit economic freedom in the country. Lastly, price control in Bahrain indicates high level of governmental intervention and infringes economic freedom. The improvement in the abovementioned areas could benefit the overall rating of Bahrain and increase economic and political freedom in the country (Gwartney, Lawson & Hall, 2011).

Gwartney, J., Lawson, R., & Hall, J. (2011). Economic freedom of the world: 2011 Annual report. Vancouver, B.C.: Fraser Institute. Retrieved from http://www.freetheworld.com/2011/reports/world/EFW2011_complete.pdf

Twigg, L. M. (n.d.). Karl Marx versus Adam Smith. Retrieved from http://rebirthofreason.com/Articles/twigg/Karl_Marx_versus_Adam_Smith.shtml

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Environmentalism and Economic Freedom Essay

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Introduction

Environmentalism and economic freedom, externality and the environment, property rights and the environment, works cited.

Matters of the environment have witnessed a mounting gratitude in the recent past. It is certain that the issue of property rights is the main upcoming concern about the environment. Regardless of conformity that nonexistence of precise and constantly enforced possessions rights results in the utilization of natural resources, there is still extensive divergence about lots of facets of America’s assets privileges paradigm.

The outstanding proposers of “Who Owns the Environment?” investigate plentiful hypothetical and experimental possibilities for healing these tribulations. There has been a concern to strike a balance between environmentalism and economic freedom, and how they end up in the conservation and restoration of environment (Block 1887).

Environmentalism is goal directed since it is concerned with survival and enhancement of endangered species. Economic freedom, on the other hand, concerns justifiable ownership of property from the natural world. Pigou also illustrates how externalities faced revolution to ensure sound environmental management. Several libertarians and conservatives have come up with policies to ensure appropriate management of property rights to conserve the environment.

Environmentalism refers to the viewpoint that observes gains in uncontaminated innate reserves like air and water, as well as minimized extermination of species. Environmentalists claim to own the environment since they pursue everything to safeguard it.

On the other hand, those who vouch for economic freedom usually accumulate resources from the natural surroundings coupled with personal labor. It is understood that the economic freedom wing also claims to own the environment. The two parameters are inversely interrelated since amplification in one causes diminish in the other.

There is a worrying rivalry between the two parties. Furthermore, there is also a discrepancy among environmentalists since some are lukewarm while others are real (Block 1888). Human beings are part of nature, but it is unfortunate that they do not want to join nature. Real environmentalists are determined to ensure that Homo sapiens bond the natural world to ensure maximum restoration and preservation of ecology. Individuals use the planet resources greedily thus ruining it at an alarming rate.

Libertarianism theory accords each an opportunity to articulate views with no any peripheral interference. This theory has been supported by the pro-free economy, but several environmentalists have blamed it. It is not the letdown of the government to abate air contamination, but it results from market malfunction in the name of liberal enterprise.

Pigou claimed that heavy pollution occurs in the community since the offenders are not responsible for the damages. It is; therefore, realized that recompense for the harm brings the sense of responsibility, and subsequent ownership of the environment. Pay as you pollute is a slogan widely used by environmentalists to ensure ownership of the environment by the community.

Both the socialist, as well as capitalist economy, contributed to severe environmental degradation. Capitalists usually cause great harm to the community since they will go free under the laissez faire. Socialist economy, on the other hand, nips pollution troubles since it has the powers to do so. This scenario is evident in democratic nations like the United States. A key example is the dumping of 400,000 tones of perilous waste by the US defense department (Block 1889).

This was more that the waste released by five conglomerates combined. All these have led to the pollution of environment without paying for the damage. Environmentalists assert that manufactures as well as other property owners should pay for any damage caused to the public. Contrary to this, manufacturers and foundries, cannot operate in vacuum; furthermore, the complainers depend on such products for their continuity.

To strike a balance, private polluters were bearing the costs of their businesses. Consequently, they were sued to for their past transgressions and getting court commands barring them from potential inversions.

In a bid to uphold property rights, several beneficial means of evading pollution were established. These include inducement for using a cleaner expertise, as well as installation of scrubbers to reduce pollution. Another means of protecting the environment is the establishment of plants away from the populace to lessen jeopardy of health hazards.

All these were happening before 1850, but later ceased where firms were polluting without penalties up to 1070. Environmentalists blamed the government for pollution arising from private and social confines. This was due to government failed to uphold the free enterprise with a legal system (Block 1891). This environmentalist’s move usually ensures collective responsibility for the conservation of the environment.

Evolution of regulations increased when polluters were causing grave dangers to the environment. The government came up with other regulations other than paying for the pollution. It is noted that the adoption of treatable emission rights (TERS) was significant since firms are required to reduce the levels of pollution collectively (Block 1891).

Under this means, a firm may pay another to reduce further if it cannot reduce to the required levels so that they and up at required cumulative reduction levels. This ensured a system of rights to pollute, together with a structured market where these could be traded. Environmentalists have used several means to control pollution to protect private property rights. Even though, this has been impractical they have demanded a cleaner environmental law, which are enforced by jail terms.

This translates into high cost of garbage disposal and subsequent increase in the production expenditure. This affects the private property rights negatively due to increased cost. There are worries of turning back to 1820s when stringent measures were applied to the polluters. It seems impractical since everything would be considered pollutant, including exhaling CO 2 . Furthermore, cases will throng the courts that judges will only attend to grave ones.

It is imperative to assert that plastic and styro-foam are irritating environmentalists. The case of McDonald’s in the USSSR drew the attention of environmentalists since they were using these materials to wrap their products. These substances are unfriendly to the environment since they are non-biodegradable, non-reusable, as well as non-recyclable.

This scenario is common in the supermarkets since buyers chose between the paper and plastic bag. This leaves a big question to the populace to decide whether to pollute or conserve the environment. This is further complicated since some products come already wrapped in polythene (Block 1894). A sensible consumer will not pay an extra fee by accepting plastic bag, but would accept such materials when included in the overall cost of the product.

More than a few environmentalists have blamed managing waste by externality owing to its meagerness. This is a scenario where A pulls off B, and B is helpless of gathering the compensations nor stop through order. This is due to the scantiness of the decree, where the government falls short to espouse the law against the infringers. This leads to the point of externalities evolution, which assumed common law for tens decades.

Great economists overlooked the demand of legal and other institutions about paying for their decisions. Furthermore, legislators also tried unsuccessfully to force the polluters to pay for their external costs (Barnett &Yandle 30). The two foremost letdowns included disrespect of the demand of exceptional concerns. Another was failing to regard and state suppositions about background organizations’ agreements.

The efforts of institutions led to the end of externalities revolution. This constituted greatly to whoever owns the environment, since the perpetrators were prompted to pay for their external costs. The issue of environment ownership is elaborated when an individual realizes the occurrence of degradation and subsequent action to restore it.

The concept of externalities provides that the government is constantly confusing economists, on the other hand it lacks control over private transactions. This leads to unintentional impacts, which are insidious. This concept came into being when escalating cost viable firm causes ascend in the effort of an existing corporation.

Furthermore, Pigou reasons that the discrepancy in cost owing to the entrance of a novel company causes deviation amid the marginal personal disposable produce and the marginal common net product of venture. These scenarios are prevalent in the society with constant call for the government to intervene.

This leads to the point of environment ownership, since the public thinks that the government is responsible for the protection of the surrounding. It is unfortunate that some administrators classified the externalities, calling some irrelevant (Barnett &Yandle 33). This means that there are some externalities, which are considered relevant. This should not apply since the result is a polluted the environment.

The concept of unfilled boxes of externalities took a paradigm shift to become laden with the justification for government intrusion. This came into being after Pigou advancing on the Marshall’s ideas to cover both the private and social net products, giving rise to Pigou (I). He was clear on his illustration claiming that the governmental interventions were necessary to resolve the mess.

On the other hand, he claimed that contraction of private firms to take care of the environment would do more harm. Pigou illustrated several negative externalities like the case of congestion in roads as well as damages to the surrounding vegetation caused by the sparks emanating from train.

Others include establishing factories next to residential places as well as keeping animals that invade other people’s property (Barnett &Yandle 36). This consideration leads to the point where every person has the responsibility to conserve the environment. Consequently, it drives us to the point of who owns the environment. Environmentalists persuade the government to enforce rules, which compel the public to adhere to the environmental standards.

It is imperative to assert that inadequate description of property rights, as well as market failures, are the causes of externalities problems (Barnett &Yandle 39). People usually assume that all property within their homesteads belong to them. This is a wrong definition of property ownership.

The government has the right to control several resources, including the ones under individual’s control. It is capable of protecting species or a natural resource it deems fit. Environmentalists; therefore, prompt the government to enforce environmental regulations since it has all the machineries to compel the public. Market failures also lead to negative externalities since traders are unaware of the wrongs they do.

Relevant externalities exist, but the systems of property rights allow the affected parties to bargain (Barnett &Yandle 43). This will ensure final retrenchment from the problem. It is not possible for many to describe public good, which the politics vouch for. The risk lies in the definition of public good, but a clear definition of relevant externalities in the most important aspect.

Persons, clusters, and institutions have taken environmental policies seriously to evade the consequences of law. Free-market environmentalism (FME) is one of the many policies aimed at protecting assets rights in the ecological confines.

Supporters of FME usually espouse utilitarian, as well as well being maximization method of climate change, since they endeavor to evade the fee of alleviating the measures. It is realized that the move to conserve the environment is an uphill task to several people including the sponsors of FME. Supporters of property rights should show a sincere commitment by taking the threats of climatic change seriously the same way they consider the stringent policies.

On the other hand, there are people who value economic growth, as opposed to environmental importance to human prosperity (Adler 279). Likewise, those who fancy utilitarian for maximization of disposable individual welfare come up with different policies. Conformist politicians, liberals, and market leaning plan makers outline that nothing should be done about atmospheric alteration.

They thus resist the implementation of dogmatic controls on greenhouse gas release. This leaves the question of environment ownership if other people do not contribute to its conservation. This; therefore, prompts the conservatives and the libertarians in the United States to ratify FME policy, which is concerned with the protection of property rights.

The concept of FME entails the expansion of property rights to the environmental precincts to aid their exploitation and safeguard, consistent with personage inclinations. The concept is inconsistent with the conventional approaches to ecological protection, which depends on market malfunctions.

It aims at safeguarding the environment since failure to which may compel the property owner to pay for the damages. FME advocates wish for the extinction of markets rather than polluting the environment through market failures. Environmental protection cannot be ensured by enforcing conventions and other interventions due to market failure.

These advocates call for the extension of markets through the appreciation and fortification of private property rights in ecological resources (Adler 301). In this scenario, every side claims to own the environment. The supporters of FME claim that their policy is the best for environmental conservation; consequently, they blame the conventional ways of ecological restoration as impractical to achieve the end.

FME holds the need to safeguard the property rights against both private and public initiated harms, including ecological contamination. This means each person has the duty to evade polluting the property or backyard of another.

When the proprietor consents that there is a deposition of waste onto private property, and it imposes physical damage, then this becomes ecological hurt but not pollution. All kinds of climate change impact property rights. Most of the human activities aggravate environmental change, leading to catastrophes (Adler 308).

FME proponents consider the slightest ecological alteration an annoyance under the common law. Their main aim is to safeguard their property rights within the environment. Furthermore, the policy proposes that countries at high threats of green consequences should get security or reprieve. Industrialized countries like North America and Europe have contributed immensely to environmental degradation. They are; therefore liable to compensate developing countries since the emissions interfered with the property rights.

The struggle on who should own the environment is a weighty issue creating wrangles between environmentalists and the libertarians. Libertarians postulate that the best way to protect the environment is to own it privately without any governmental influence.

Environmentalists, on the other hand, aim at conserving it through the application of regulations, as well as using the governmental powers to enforce them. The solitary technique of protecting the environment is through a rigid dedication to property rights. When individuals or groups like Nature Conservancy, get designation to a portion of setting, it is their assets and liability.

They usually have a stake in preserving their ventures and acting rapidly to tackle any disquiets. It is certain that they may perhaps act deceptively; however, they meet the penalties in such cases. It is; therefore, asserted that ownership of the environment is a collective responsibility since each group has its own proposition.

Adler, Jonathan. “Taking Property Rights Seriously: The Case of Climate Change.” Social Philosophy and Policy 26.2 (2009): 296-316. Print.

Barnett, Alex. & Yandle, Bruce. “The End of the Externalities Revolution.” Social Philosophy and Policy 26.2 (2009): 130-50. Print.

Block, Walter. “Environmentalism and Economic Freedom: The Case for Private Property Rights.” Journal of Business Ethics 17 (1998): 1887-99. Print.

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Essay Samples on Freedom

Why is freedom of religion important.

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Does Don Giovanni Suffered In Any Way?

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• Reading Books

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The Problems With School Curriculums And Scheduling System

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• Literature Review

Best topics on Freedom

1. Why Is Freedom of Religion Important

2. What Is the Meaning of Freedom: the Price We Pay

3. What Does Freedom Mean to Me: a Privilege and a Responsibility

4. How Has Freedom Changed Over Time: A Dynamic Journey

5. Balance Between Freedom And Equality

6. Considering Religious Beliefs And Freedom Of Expression

7. Differences between the Patterson’s, Foner’s, and King’s interpretations of Freedom

8. Literary Analysis and Review of Annie Dillard’s “Living Like Weasels”

9. Life Without Principle: The Isolation of Oneself in One’s World

10. Annie Dillard’s and Alexander Theroux’ Analysis of Freedom

11. The Battle for Individual Freedom and Autonomy in Amistad

12. Mental Slavery: Achieving Mental Freedom

13. “Survival in Auschwitz”: How Suffering Leads to Freedom

14. The Symbolism of Horses in “All the Pretty Horses”

15. How Hope Leads to Freedom and Success

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• Personality
• Ethical Dilemma
• Actions Speak Louder Than Words

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Why Does Economic Freedom Matter?

Authors: Kim Holmes and Matthew Spalding

Select a Section 1 /0

America’s founders knew that liberty is about more than just securing political freedoms. True liberty requires economic freedom—the ability to profit from our own ideas and labor, to work, produce, consume, own, trade, and invest according to our own choices. Thomas Jefferson underscored that point when he observed that “a wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement.”

This belief in political and economic freedom has had real consequences. Americans have cultivated, amassed, and shared throughout their society the greatest stock of personal and national wealth in history. George Washington predicted no less when he observed that a people “possessed of the spirit of commerce, who see, and who will pursue their advantage, may achieve almost anything.”

Why should economic freedom matter to Americans today?

The American Founders always had a keen sense of the importance of economic freedom and the extent to which it was intertwined with political liberty. The American Revolution started as a rebellion against “taxation without representation”—against economic policies over which they had no say. That was the breaking point, the reaction to a long list of unanswered grievances against a far-away government that repeatedly abused their rights.

In light of that “long train of abuses and usurpations,” the Declaration of Independence asserted America’s liberty by appealing to man’s fundamental rights to “life, liberty, and the pursuit of happiness.” And the pursuit of happiness the Founders understood to require the protection of property because the right to enjoy the fruit of one’s labor is a fundamental tenet of liberty.

“It is evident that the right of acquiring and possessing property, and having it protected, is one of the natural, inherent, and unalienable rights of man,” Supreme Court Justice William Paterson wrote in 1795. “No man would become a member of a community, in which he could not enjoy the fruits of his honest labour and industry.” [1]

The right to own property protects other freedoms. Congregations own churches where they practice religious freedom. Newspapers own printing presses, which facilitate the freedom of the press. Home ownership contributes to the financial well-being and security of families. Business property produces goods and services to trade in an open market, just as intellectual property protects ideas and innovation. The right to property guarantees the means to live in freedom and practice self-government.

In designing a framework of government for our nation, the Founders knew what they did not want. They rejected European aristocratic systems that favored the established rich and also an all-powerful government that would tax and redistribute wealth according to arbitrary political interests. Neither model secured individual liberty; both subjected people to the whims of others.

Yet they knew too little government caused problems as well. The Articles of Confederation not only failed to provide the means to protect the rights and security of the people of the nascent union but also gave Congress no authority to regulate commerce—to make commerce “regular” in order to ensure Americans had access to what they could not produce themselves. States had imposed competing tariffs that restricted the flow of goods among them while trying to attract foreign trade to their own ports.

I think all the world would gain by setting commerce at perfect liberty. – Thomas Jefferson July 7, 1785

Under the Constitution the federal government’s two most important functions concern the nation’s security (to “provide for the common defence”) and the national economy (the power to regulate interstate commerce, tax, and set the national currency). Not only does the Constitution limit the reach of the federal government into the everyday lives of Americans, but in abolishing restrictions on trade among the states [2] it created the world’s first modern free trade area. As the young nation expanded its borders across the continent and its population grew, this freedom to trade unleashed opportunities for specialization and exchange, fueling economic growth and prosperity. [3]

History continues to prove the wisdom of the Founders’ belief in the unity of both political and economic freedom. “True liberty, by protecting the exertions of talent and industry,” Alexander Hamilton argued, “tends more powerfully than any other cause to augment the mass of national wealth.” [4] By empowering individuals to pursue their own gain in a market in which goods and services are traded at fair prices and property rights and contracts are enforced, they are also contributing to the economic gain of others. To this day, the United States upholds a dynamic social order in which individuals are free to rise—and to fall—on the road to success.

As a sovereign nation, the responsibility for ensuring Americans can market the fruits of their labor abroad rests with the federal government. The Founders deeply resented the King of England “cutting off our trade with all parts of the World.” [5] Commerce was vital to their way of life, and as Benjamin Franklin wrote in the Principles of Trade in 1774, “No nation was ever ruined by trade.”

Then, as now, some have wanted government to impose regulations, tariffs, taxes, or other interventions to protect and advantage certain activities and to minimize economic risk. That might have made sense at the start of the country. Yet, thankfully, there always have been stronger voices who knew that such policies would wind up strangling the creativity, productivity, competition, and access to markets that people need to flourish and prosper and economies need to grow and remain strong.

The challenge for America’s leaders has always been to keep government from getting too burdensome and too involved in economic markets. That’s why throughout our history, most American leaders have agreed with the Founders that the greatest gain for each comes from free markets and free trade for all.

Andrew Jackson resolved trade disputes with France, Denmark, Portugal, and Spain to America’s advantage. He signed a trade agreement with Great Britain that reopened trade with the British West Indies, and the first trade agreement with an Asian nation, Siam. He also signed trade agreements with Russia, Spain, and Turkey. Overall, under Jackson, Americans saw a 75 percent growth in exporting and 250 percent growth in imports.

The free trade tradition was carried on by presidents like James Polk, who reduced tariffs, and Ronald Reagan, who proposed a North American free trade area and signed a free trade agreement with Canada. His vision became reality when Bill Clinton signed the North American Free Trade Agreement in 1993—creating the world’s largest free trade area and increasing trade in the hemisphere from $297 billion in 1993 to almost $1 trillion in 2007.

What these presidents understood is that economic freedom matters. Tariffs make the cost of imports higher and have a dampening effect on competition, which would otherwise help bring prices down. But it means much more than opening trade by reducing tariffs, as the annual Heritage Foundation/Wall Street Journal Index of Economic Freedom documents. If economic policies cause prices to rise, the value of the dollar in our pockets declines, and with it our ability to buy and do what we want; it cheapens our labor. If government imposes additional costs on consumers and businesses through higher taxes, fees, and regulation, or restricts the fair use of our property, economic freedom falls.

The loss of economic freedom hits the poor especially hard. Over the past decade, countries that increased economic freedom saw poverty levels fall almost twice as much as countries that lost freedom. People in countries with more economic freedom were not only happier, but more prosperous. The correlation between economic freedom and prosperity is stunningly high, with more freedom translating to greater per capita income. [6]

As Thomas Jefferson wrote to John Adams in 1785, “all the world would gain by setting commerce at perfect liberty.” [7]

Economic freedom—free markets at home and free trade in the world—is essential to human liberty. Without it, people are unable to improve the conditions under which they and their posterity will live. Worse, they are vulnerable to oppression, especially by the state. We only need recall the human toll of slavery and Soviet Communism to understand what Friedrich Hayek meant when he noted that “to be controlled in our economic pursuits means to be always controlled,” and that if all economic decisions require the approval of government, then “we should really be controlled in everything." [8] In the end, liberty is whole and universal: The world will not be free politically if it is not free economically.

[The] genius of the American economy, our emphasis on a meritocracy and a market system and a rule of law has enabled generation after generation to live better than their parents did. – Warren Buffett August 22, 2008

America’s openness to trade has always fueled its economic expansion. Over the past 50 years, the United States led the way in expanding free trade worldwide. For the most part, we have taken George Washington’s advice to “hold an equal and impartial hand ... diffusing and diversifying by gentle means the streams of Commerce.” [9] Yet today, as more and more nations have decided to follow that lead, political leaders in the United States have chosen to intervene more directly in the economy and impose heavy regulations that put American businesses at a competitive disadvantage.

If America’s commitment to economic freedom—not only by its policies but by its leadership in the world—continues to flag, it neglects its national interests and betrays its core principles. In doing so, it also jeopardizes the security, prosperity and liberty not only of the United States but much of the world as well.

Kim R. Holmes, Ph.D., is Vice President of Foreign and Defense Policy Studies and Director of the Kathryn and Shelby Cullom Davis Institute for International Studies at The Heritage Foundation.

Matthew Spalding, Ph.D., is Director of the B. Kenneth Simon Center for American Studies at The Heritage Foundation.

Enduring Truths

• Hernando de Soto, “ Is Economic Freedom for Everyone? ” Hernando de Soto is one of the world’s foremost authorities on property rights and free markets. In this lecture, he explains why empowering the poor with property rights is an antidote to poverty, and a real and sustainable way to promote development.
• Milton Friedman, Capitalism and Freedom In this classic work, Friedman, one of the 20th century’s greatest economists, explains the fallacies of many forms of government intervention in the economy, and defends economic freedom as both necessary in itself, and as vital to political freedom.
• Jennifer A. Marshall and J. D. Foster, Freedom Economics and Human Dignity The way economists talk about freedom overlooks important aspects of the human experience. This essay shows how economic freedom helps us order our lives in a way that reflects human nature, the purpose of life, and the satisfying of material needs and wants.
• Thomas West, The Economic Principles of America’s Founders Although there are many scholarly treatments of the Founders’ understanding of property and economics, few of them present an overview of the complete package of the principles and policies upon which they agreed. Even the fact that there was a consensus among the Founders is often denied. West summarizes this consensus, and explores where and how we continue to adhere to it.

Current Issues

• WORLDWIDE ECONOMIC FREEDOM. Terry Miller and Kim R. Holmes, the 2011 Index of Economic Freedom For more than a decade, The Heritage Foundation and The Wall Street Journal and have tracked the march of economic freedom around the world in this influential index. Supported by a sophisticated online site that offers the full book, data, graphs, and much more, this is the place to go to learn about the state of economic freedom today.
• AMERICAN ECONOMIC FREEDOM. Amb. Terry Miller and Kim R. Holmes, “ Mostly Free: The Startling Decline of America’s Economic Freedom and What to Do About It ,” July 14, 2009. In 2010, for the first time ever, the United States has fallen from the ranks of the economically “free” as measured by the Index of Economic Freedom. This paper provides a snapshot of American’s economic freedom and compares conditions in the United States with those in other countries around the world. It proposes a program of straightforward but bold reforms to make the U.S. what it should be: a world leader in economic freedom.
• SPECIAL INTERESTS. James Roberts, “ Cronyism: Undermining Economic Freedom and Prosperity Around the World ,” August 9, 2010. Backroom deals between members of the governing class and their hand-picked cronies influence the legislative, executive, and regulatory actions of governments around the world. Heritage expert James Roberts explains why government intrusions into the private sector as a partner, financier, or outright owner are not only morally hazardous, but toxic to economic freedom.
• FREE TRADE AND GROWTH. Bryan Riley, “ A Prescription for Export Growth—and Economic Recovery ,” August 10, 2010. President Obama has pledged to double U.S. exports over the next five years—an ambitious goal. But the President’s strategy of creating Export Promotion Cabinets and subsidizing loans is not the way to make that happen. Heritage expert Bryan Riley provides better options for boosting U.S. exports.

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[1] William Paterson, Vanhorne’s Leesee v. Dorrance, 1795.

[2] U.S. Constitution, Article I, Section 8, Clause 1, and Article I, Section 9, Clause 5.

[3] For a classic explanation of the benefits of specialization and trade, see Book 1, Chapter 3 of An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith.

[4] Alexander Hamilton, “Defense of the Funding System,” July 1795, in Papers of Alexander Hamilton , edited by Harold C. Syrett (New York: Columbia University Press, 1961–1979), Vol. 19, p. 32.

[5] Declaration of Independence.

[6] Terry Miller and Kim R. Holmes, The Index of Economic Freedom (Washington, D.C.: The Heritage Foundation and Dow Jones & Company, Inc., 2011), at www.heritage.org/index.

[7] Jefferson to Adams, July 7, 1785, in The Writings of Thomas Jefferson , edited by Andrew Adgate Lipscomb and Albert Ellery Bergh (Washington, D.C.: Thomas Jefferson Memorial Association, 1903-4), Vol. 5, p. 48.

[8] F. A. Hayek, The Road to Serfdom: Texts and Documents—The Definitive Edition, edited by Bruce J. Caldwell (Chicago: University of Chicago Press, 2007), p. 126.

[9] George Washington, “Farewell Address,” September 19, 1796.

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Home — Essay Samples — Sociology — American Values — Why I Love America: A Land of Opportunity and Freedom

Why I Love America: a Land of Opportunity and Freedom

• Categories: American Identity American Values

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Words: 789 |

Published: Sep 7, 2023

Words: 789 | Pages: 2 | 4 min read

Table of contents

Freedom and democracy, cultural diversity, economic opportunity, global leadership and philanthropy, resilience and progress, conclusion: a nation to cherish.

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Understanding the Dynamics of Economic Liberty: the Essence of Market Freedom

This essay about the dynamics of economic liberty explores the complexities and nuances surrounding market freedom. It discusses how economic liberty, while promoting choice and innovation, also poses challenges such as inequality and market failures. Highlighting the global context, it addresses the impact of neoliberal policies and globalization on societies, emphasizing the need for a balanced approach that considers social justice and sustainability. Ultimately, it argues for inclusive institutions and equitable opportunities to realize the true essence of economic liberty for the common good.

How it works

In the ever-evolving tapestry of human civilization, few concepts have sparked as much debate, passion, and controversy as economic liberty. At the heart of this discourse lies the fundamental principle of market freedom – the notion that individuals should have the autonomy to engage in economic transactions free from undue interference or constraint. Understanding the dynamics of economic liberty unveils the essence of market freedom, revealing its intricacies, its virtues, and its challenges in shaping societies worldwide.

Central to the concept of economic liberty is the belief in the power of choice.

It asserts that individuals, acting in their own self-interest, make the most rational decisions about how to allocate their resources. This freedom to choose drives innovation, fosters competition, and ultimately leads to economic prosperity. Advocates argue that when markets are left unfettered, they function as efficient allocators of resources, dynamically responding to supply and demand signals to maximize overall welfare.

Yet, the pursuit of economic liberty is not without its complexities. Critics caution that unbridled market freedom can lead to inequality, exploitation, and the erosion of social cohesion. They highlight the inherent asymmetries of power and information that often characterize economic transactions, leaving certain individuals or groups vulnerable to exploitation by those with greater resources or influence. Moreover, they argue that market failures, such as externalities and monopolies, can undermine the optimal functioning of markets, necessitating regulatory interventions to safeguard the public interest.

The dynamics of economic liberty are further complicated by the interplay of cultural, historical, and institutional factors. Different societies prioritize and conceptualize economic freedom in diverse ways, reflecting their unique values, norms, and experiences. For some, economic liberty is synonymous with individual autonomy and minimal government intervention, while for others, it encompasses broader social goals such as distributive justice and environmental sustainability. Moreover, the extent to which market freedom is realized in practice is heavily influenced by the quality of institutions, including the rule of law, property rights protection, and regulatory transparency.

In the global arena, the dynamics of economic liberty are shaped by a complex web of geopolitical forces and economic interdependencies. The spread of neoliberal economic policies since the late 20th century has accelerated the integration of markets across borders, fueling unprecedented levels of trade, investment, and capital flows. Proponents herald this globalization of markets as a driver of economic growth and poverty reduction, enabling countries to specialize in their comparative advantages and access new opportunities for development.

However, globalization has also engendered a backlash against perceived threats to national sovereignty, cultural identity, and economic security. Rising income inequality within and between countries has fueled populist movements advocating for protectionist measures and economic nationalism. Moreover, the uneven distribution of the benefits of globalization has heightened tensions between winners and losers, exacerbating social divisions and political polarization.

As we navigate the complexities of economic liberty in the 21st century, it is essential to recognize that there is no one-size-fits-all approach. The quest for market freedom must be tempered by a commitment to social justice, environmental sustainability, and democratic governance. This requires striking a delicate balance between the imperatives of economic efficiency and the demands of equity and solidarity.

Moreover, realizing the full potential of economic liberty necessitates addressing the structural inequalities and power imbalances that perpetuate exclusion and marginalization. It requires investing in education, healthcare, and social protection to ensure that all individuals have the opportunity to participate meaningfully in the economy. It also requires fostering inclusive institutions that empower marginalized groups, promote fair competition, and hold economic actors accountable for their actions.

Ultimately, understanding the dynamics of economic liberty is not merely an intellectual exercise but a moral imperative. It calls upon us to envision a vision of economic freedom that is inclusive, sustainable, and just. It challenges us to transcend narrow ideologies and engage in constructive dialogue to forge a shared vision for the future of humanity. In this journey, the essence of market freedom lies not in the absence of constraints but in the realization of human potential and the pursuit of the common good.

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Full Transcript of Kamala Harris’s Democratic Convention Speech

The vice president’s remarks lasted roughly 35 minutes on the final night of the convention in Chicago.

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By The New York Times

• Aug. 23, 2024

This is a transcript of Vice President Kamala Harris’s speech on Thursday night in which she formally accepted the Democratic Party’s nomination for the presidency.

OK, let’s get to business. Let’s get to business. All right.

So, let me start by thanking my most incredible husband, Doug. For being an incredible partner to me, an incredible father to Cole and Ella, and happy anniversary, Dougie. I love you so very much.

To our president, Joe Biden. When I think about the path that we have traveled together, Joe, I am filled with gratitude. Your record is extraordinary, as history will show, and your character is inspiring. And Doug and I love you and Jill, and are forever thankful to you both.

And to Coach Tim Walz. You are going to be an incredible vice president. And to the delegates and everyone who has put your faith in our campaign, your support is humbling.

So, America, the path that led me here in recent weeks was, no doubt, unexpected. But I’m no stranger to unlikely journeys. So, my mother, our mother, Shyamala Harris, had one of her own. And I miss her every day, and especially right now. And I know she’s looking down smiling. I know that.

So, my mother was 19 when she crossed the world alone, traveling from India to California with an unshakable dream to be the scientist who would cure breast cancer.

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