Why are some countries rich and others poor? Economists say a key reason – and the secret to prosperity – is “economic freedom.” In an economically free country, individuals are free to work where they want, doing what they want, without much government interference. For the most part, the more economically free a country, the more prosperous.
Both the Heritage Foundation (with the help of the Wall Street Journal) and the Fraser Institute publish indexes of countries’ economic freedom. Fraser just released their ranking. For tonight’s show I rely on Heritage’s. The rankings are similar.
Heritage/WSJ's Top 10 Most “Economically Free” Countries:
1- Hong Kong
4- New Zealand
8- United States
The Fraser Institute’s Top 10:
1- Hong Kong
3- New Zealand
6- United States
10- United Kingdom
Bad news: The USA fell in the rankings. Good news: In the Fraser Institute’s Index, for the first time ever, an African country, Mauritius, moved into the top ten. Mauritius ranks #12 on the Heritage/WSJ index.
This evening on Eric Bolling’s show, Follow the Money, when I argued that economic freedom brings prosperity, lefty lawyer Ron Kuby said I was “full of it” because the freest countries are not at the top of a list of the world’s richest countries:
5- Channel Islands
But this is deceptive nonsense, like so much of what lefty lawyers say. It’s no surprise that small oil-rich nations, tax havens, and countries with old wealth have the highest per capita income. But the freest counties are all near the top of the list. Here’s Heritage’s list of the least economically free countries:
172- Democratic Republic of Congo
179- North Korea
Do you want to live in any of those counties? I sure don’t.