The foundations of economic freedom are personal choice, voluntary exchange,
and open markets. As Adam Smith, Milton Friedman, and Friedrich Hayek have
stressed, freedom of exchange and market coordination provide the fuel for
economic progress. Without exchange and entrepreneurial activity coordinated
through markets, modern living standards would be impossible.
Potentially advantageous exchanges do not always occur. Their realization is
dependent on the presence of sound money, rule of law, and security of property
rights, among other factors. Economic Freedom of the World seeks to
measure the consistency of the institutions and policies of various countries
with voluntary exchange and the other dimensions of economic freedom. The report
is copublished by the Cato Institute, the Fraser Institute in Canada and more
than 70 think tanks around the world.
READ MORE: http://www.cato.org/economic-freedom-world
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