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Economic Freedom of the World: 2004 Annual Report

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Economic Freedom of the World: 2004 Annual Report Fraser Institute Policy Briefing July 15 2004 THANK YOU FOR COMING! The key to changing policy in the world is ... – PowerPoint PPT presentation

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Title: Economic Freedom of the World: 2004 Annual Report


1
Economic Freedom of the World 2004 Annual Report
  • Fraser Institute
  • Policy Briefing
  • July 15
  • 2004

2
THANK YOU FOR COMING!
  • The key to changing policy in the world is
    changing the climate of opinion about what works
    and what does not work in encouraging world
    development
  • The key to changing the climate of opinion is
    providing the widest possible audience with good
    information about the causes of development and
    under-development

3
Economic Freedom of the World Project
  • Objective find a way to measure economic freedom
    and explore the connection between it and
    other variables
  • 20 year project
  • Led by Professor Milton Friedman, Rose Friedman
    and Michael Walker
  • Involved 100 of the worlds top scholars

4
What is The Economic Freedom of the World Index?
  • An annual compilation of data representing
    factors which make a country economically free
  • Authors James Gwartney and Robert Lawson
  • A compendium of 38 government policies affecting
    economic freedom based on objective data or
    independent surveys
  • A ranking of 123 countries representing 91 of
    the worlds population according to the extent to
    which they permit their citizens to be
    economically free
  • Now a collaboration of Institutes in 62 different
    countries

5
What is Economic Freedom
  • Individuals have economic freedom when property
    they acquire without the use of force, fraud, or
    theft is protected from physical invasions by
    others and they are free to use, exchange, or
    give their property as long as their actions do
    not violate the identical rights of others. An
    index of economic freedom should measure the
    extent to which rightly acquired property is
    protected and individuals are engaged in
    voluntary transactions.
  • James Gwartney et al. 1996

6
Components of The Economic Freedom of the World
Index
  • Size of government and taxation
  • Private property and the rule of law
  • Soundness of Money
  • Trade regulation and tariffs
  • Regulation of business, labour and capital
    markets
  • Based entirely on objective or third party data
    from 123 countries

7
Talk about making a difference
8
Member Institutes of Economic Freedom of the
World Network
Instituto Libertad y Desarrollo, Chile Instituto
para la Libertad y el Análisis de Políticas,
Costa Rica Liberales Institut, Germany Liberales
Institut, Switzerland Liberální Institut, Czech
Republic Lithuanian Free Market Institute,
Lithuania Making Our Economy Right (MOER),
Bangladesh The Nassau Institute, Bahamas The New
Zealand Business Roundtable, New Zealand Open
Republic Institute, Ireland The Pathfinder
Foundation, Sri Lanka Romania Think Tank,
Romania Scientific Research Mises Center,
Belarus Society for Disseminating Economic
Knowledge "New Economic School-Georgia,"
Georgia Szazadveg Policy Research Center, Hungary
TIGRA, Austria Timbro, Sweden The Ukrainian
Center for Independent Political Research,
Ukraine  DLetzeburger Land, Luxembourg The
Institute for Development of Economics and
Finance, Indonesia Bureau dAnalyse dIngenierie
et de Logiciels (BAILO), Ivory Coast    
The Fraser Institute, Canada Free Market Centre,
Serbia The Free Market Foundation of Southern
Africa, South Africa Fundación DL, Colombia
Fundación Economía y Desarrollo, Inc., Dominican
Republic Fundación Libertad, Argentina Fundación
Libertad, Panamá Fundación Libertad, Democracia
y Desarrollo, Bolivia Hong Kong Centre for
Economic Research, Hong Kong Institute for
Advanced Strategic and Political Studies,
Israel Institute for Market Economics, Bulgaria
Institute of Business, Trinidad and Tobago The
Institute of Economic Affairs, Ghana The
Institute of Economic Affairs, United
Kingdom Institute of Economic Analysis, Russia
Institute of Economic Studies, Iceland The
Institute of Economics, Croatia Institute of
Public Affairs, Australia Institute of Public
Policy Analysis, Nigeria Instituto Ecuatoriano
de Economía Política, Ecuador Instituto Liberal
do Rio de Janeiro, Brazil
African Research Center for Public Policy and
Market Process, Kenya Albanian Center for
Economic Research (ACER), Albania Alternate
Solutions Institute, Pakistan Association for
Liberal Thinking, Turkey Association pour la
Liberté Economique et le Progrès Social (ALEPS),
France Cato Institute, United States of America
Center for the Dissemination of Economic
Knowledge (CEDICE), Venezuela Center for
Entrepreneurship and Economic Development (CEED),
Montenegro Center for Free Enterprise, Korea
Center for Politiske Studier, Denmark The
Center for Research and Communication,
Philippines Centre for Civil Society, India
Centre for the New Europe, Belgium Centro
Einaudi, Italy Centro de Investigación para el
Desarrollo A.C., Mexico Centro de Investigación y
Estudios Legales (CITEL), Peru Centro de
Investigaciones Económicas Nacionales,
Guatemala Centrum im. Adama Smitha, Poland The
Estonian Institute for Open Society Research,
Estonia The F.A. Hayek Foundation, Slovak
Republic
9
Sample of Press Coverage for Fraser Institute
Economic Freedom of the World 2003
Calgary Herald Edmonton Journal Globe and Mail La
Presse National Post Toronto Star Ottawa
Citizen Ottawa Sun Economist Info Bae,
Argentina AFX-Asia Asia Pulse (3
article) ChannelnewsAsia Bahamas Paper Nassau
Guardian Nassau Tribune Tribune, Bahamas Barbados
Advocate People's Daily, China South China
Morning Post Xinhua, China (3 articles) La
Republica, Costa Rica (2
articles) Portafolio, Colombia Economia, Costa
Rica
  • La Nacion, Costa Rica
  • La Republica, Costa Rica
  • La Nacion, Costa Rica
  • El Financiero, Ecuador
  • Baltic News, Europe
  • Deutsche Presse-Agentur
  • World Markets, Europe
  • Agence France Presse, France
  • (2 articles)
  • Focus, Germany
  • Frankfurter
  • Asia Times, Hong Kong
  • Factiva, Hong Kong
  • Hong Kong Imail
  • Inter Press Service News Agency,
  • Hong Kong
  • Hindu, India
  • Nationwide International News, India
  • Dong-a Ilbo, Korea

Segye Times, Korea Seoul Economic Daily Yonhap
News, Korea La Sentinelle, Mauritius L'Express,
Mauritius Business Story, New Zealand Dominion
Post, New Zealand (2 articles) Evening Standard,
New Zealand National Business Review, New Zealand
(2 articles) Nelson Mail, New Zealand New
Zealand Herald (3 articles) News, New Zealand
Northern Advocate, New Zealand Sunday Star
Times, New Zealand La Prensa, Panama Panama
America Aaaii ii-ioaeiaio, Russia Arehtctbo Muk,
Russia Hobocth Kutar, Russia Danas,
Serbia Pregled, Serbia Factiva, Taiwan Central
News Agency, Taiwan London Times Christian
Science Monitor Reforma
10
(No Transcript)
11
Introducing the 2004 Economic Freedom of the
World Index Results
12
Overall Economic Freedom Index and the Top Ten
Source The Fraser Institute.
13
The top ten and how they got there
Source The Fraser Institute.
14
Countries having significant improvement since
1970
Source The Fraser Institute.
15
Countries having significant deterioration since
1970
Source The Fraser Institute.
16
Overall Economic Freedom Index and the Bottom Ten
Source The Fraser Institute.
17
Economic Freedom Over Time
Source The Fraser Institute.
18
Economic Freedom in Canada
19
Size of Government and the Top Ten
Source The Fraser Institute.
20
Size of Government and the Top Ten
Source The Fraser Institute.
21
Legal System and Property Rights and the Top Ten
Source The Fraser Institute.
22
Legal System and Property Rights, 2000 (High
Income OECD Countries)
8th
Source The Fraser Institute.
23
Legal System and Property Rights, 2002 (High
Income OECD Countries)
14th
Source The Fraser Institute.
24
Legal System and Property Rights and the Top Ten
Source The Fraser Institute.
25
Judiciary Independence, 2000 (High Income OECD
Countries)
7th
Source The Fraser Institute.
26
Judiciary Independence, 2002 (High Income OECD
Countries)
15th
Source The Fraser Institute.
27
Judiciary Independence and the Top Ten
Source The Fraser Institute.
28
Impartial Courts, 2000 (High Income OECD
Countries)
7th
Source The Fraser Institute.
29
Impartial Courts, 2002 (High Income OECD
Countries)
21st
Source The Fraser Institute.
30
Impartial Courts and the Top Ten
Source The Fraser Institute.
31
Sound Money and the Top Ten
Source The Fraser Institute.
32
Sound Money and the Top Ten
Source The Fraser Institute.
33
Freedom to Trade Internationally and the Top Ten
Source The Fraser Institute.
34
Freedom to Trade Internationally and the Top Ten
Source The Fraser Institute.
35
Regulations and the Top Ten
Source The Fraser Institute.
36
Regulations and the Top Ten
Source The Fraser Institute.
37
Credit Market Regulations and the Top Ten
Source The Fraser Institute.
38
Credit Market Regulations and the Top Ten
Source The Fraser Institute.
39
Labor Market Regulations and the Top Ten
Source The Fraser Institute.
40
Labor Market Regulations and the Top Ten
Source The Fraser Institute.
41
Business Regulations and the Top Ten
Source The Fraser Institute.
42
Business Regulations, 2000 (High Income OECD
Countries)
8th
Source The Fraser Institute.
43
Business Regulations, 2002 (High Income OECD
Countries)
9th
Source The Fraser Institute.
44
Business Regulations and the Top Ten
Source The Fraser Institute.
45
Irregular Payments, 2000 (High Income OECD
Countries)
6th
Source The Fraser Institute.
46
Irregular Payments, 2002 (High Income OECD
Countries)
17th
Source The Fraser Institute.
47
Canadas Score 2000 vs 2002 Selected Indicators
Source The Fraser Institute.
48
Why is Economic Freedom Important?
  • Economic rights are fundamental rights in the
    sense that without them there can be no political
    freedom or civil freedoms
  • They are a prerequisite for growth and
    development
  • They are a prerequisite for broader human
    development

49
The impact on economic growth and development
50
Income (per person) of the Bottom Ten
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
51
Income (per person) of the Top Ten
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
52
Per Capita Income and Economic Freedom Quintile
Least Free .. Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
53
Growth in Real GDP Per Capita and Economic
Freedom Quintile
Least Free .... Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
54
New Research Economic Freedom, Investment, and
Growth
55
Regressions Economic Freedom and the
Productivity of Investment
Source The Fraser Institute.
56
Regressions Changes in Economic Freedom and
Economic Growth
Source The Fraser Institute.
57
Economic Freedom and Investment Per Worker,
1980-2000
Source The Fraser Institute.
58
Economic Freedom and Total and Private Investment
as a Share of GDP
Source The Fraser Institute.
59
Economic Freedom and Growth in Per Capita GDP,
1980-2000
Source The Fraser Institute.
60
Economic Freedom,the Poor, and Inequality
61
Human Poverty Index, 2001, and Economic Freedom
Quintile
Least Free ... Most Free
Sources The Fraser Institute United Nations
Development Programmme, Human Development
Indicators 2003 (Online), http//hdr.undp.org/rep
orts/global/2003/indicator/index.html (accessed
on June 16, 2004).
62
Income Inequality, 1998-2002
Percent of income accruing to the
Least Free .. Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
63
Income Share of the Poorest 10 and Economic
Freedom
Least Free .. Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
64
Per Capita Income of Poorest 10 and Economic
Freedom
Least Free .. Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
65
Economic Freedom, Other Freedoms and Democracy
66
Economic Freedom Versus Corruption 10 highly
corrupt and 0 highly clean
Least Free .. Most Free
Sources The Fraser Institute Transparency
International, Corruption Perceptions Index 2003
(Online).
67
Political Stability and Economic Freedom Quintile
Least Free .. Most Free
68
Economic Freedom and Political Rights ten
representing the highest degree of political
rights and zero the lowest
Least Free Most Free
Sources The Fraser Institute Freedom House,
Freedom in the World Country Ratings, 1973-2003
(Online).
69
Economic Freedom and Civil Liberties ten
representing the highest degree of civil
liberties and zero the lowest
Least Free Most Free
Sources The Fraser Institute Freedom House,
Freedom in the World Country Ratings, 1973 to
2003 (Online).
70
The impact of Economic Freedom on the UNs Human
Development Index and other indicators of
well-being
71
Human Development Index, 2001, and Economic
Freedom Quintiles
Least Free . Most Free
Sources The Fraser Institute United Nations
Development Programmme, Human Development
Indicators 2003 (Online), available at
http//www.undp.org/hdr2003/indicator/index_indic
ators.html (accessed on June 15, 2004).
72
Life Expectancy at Birth and Economic Freedom
Quintiles
Least Free . Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
73
Infant Mortality and Economic Freedom Quintile
Least Free ... Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
74
Adult Mortality (2000) and Economic Freedom
Quintile
Least Free ... Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
75
Economic Freedom and Labor force, children 10-14
( of age group)
Least Free . Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
76
Access to Essential Drugs, 1999, and Economic
Freedom Quintiles
Least Free ..Most Free
Sources The Fraser Institute United Nations
Development Programmme, Human Development
Indicators 2002 (Online), available at
http//hdr.undp.org/reports/global/2002/en/indica
tor/indicator.cfm?Fileindex.html (accessed on
June 17, 2004)
77
of Population Using Improved Water Sources, 2000
Least Free .. Most Free
Sources The Fraser Institute The World Bank,
World Development Indicators 2004 (Online).
78
Conclusions
  • Economic Freedom spurs
  • Increased prosperity for all
  • Poverty reduction
  • Other freedoms
  • Reduces Probability of War
  • Quality of life improvements
  • All this can be seen in todays data and lessons
    from history

79
www.freetheworld.com www.fraserinstitute.ca
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