------ - 19 However, the goal of economic is However, Inevitably, any discussion of economic any Inevitably, heritage.org/Index but when government action rises beyond thebut when government between individuals and the government. In individuals and the government. between fessional relationships, and consumer tastes. and consumer tastes. fessional relationships, freedom will focus on the critical relationship promote the peaceful evolution of civil society, of civil society, the peaceful evolution promote cion or constraint, but rather the creation and cion or constraint, and tocitizens of a nation to defend themselves experience of generations learning how to live to live experience of generations learning how to threats substantial pose may ditional limits, imposed on A constraint freedom. economic majority rule is no less by gree of economic freedom as it is the extent to extent gree of economic freedom as it is the control general, action or government state a constraint than one imposed by an absolute than one imposed by a constraint Some government action is necessary for the action is necessary Some government type of government that determines the de that determines type of government lim that interferes with individual autonomy unconstrained by constitutional or other tra or other constitutional by unconstrained not simply the absence of government coer government of absence the simply not maintenance of a mutual sense of for all. ing of ethics, the etiquette of personal and pro of personal etiquette the ethics, ing of norms in their laws and regu reflect societal so much the ruler or oligarch. It is thus not go. not, does or at least not, may its economic freedom. lations, but even democratic governments, if governments, democratic even but lations, with one another. They guide our understand with one another. which it beyond limits has government which Democratic political systems, at their best, at their best, Democratic political systems, ------The Heritage Foundation | Heritage Foundation The

conomic freedom is at its heart about indi conomic freedom is at its heart about vidual autonomy, concerned chiefly with vidual autonomy,

Living in societies as we do, individual au individual do, we as societies in Living In a market-oriented economy, societal societal economy, In a market-oriented foundation of a fulfilling existence. Indepen foundation of a fulfilling existence. philosophies and priorities rather than those philosophies and priorities rather self, reflecting its history, its culture, and the self, reflecting its history, sources. The underlying assumption of those underlying assumption The sources. ernment laws or regulations. on others are rightly constrained by societal societal by are rightly constrained on others one’s family and are invaluable contributors family and are invaluable one’s of a government or technocratic elite, is the or technocratic elite, is the of a government from the ability dence and self-respect flow are the primary regulator of behavior. Such are the primary regulator of behavior. and responsibility to take care of oneself and care of oneself and and responsibility to take their families and communities as equal in their families and communities as tonomy can never be considered absolute. be considered can never tonomy to human dignity and equality. that a self-directed life, guided by one’s own own one’s that a self-directed life, guided by the enjoyed by individuals by the freedom of choice enjoyed uals know their needs and desires best and their needs and desires best uals know his neighbor’s doorstep. Decisions and activ doorstep. his neighbor’s norms, not government laws and regulations, laws and regulations, government not norms, it organically out of society norms grow norms and, in the most critical areas, by gov by critical areas, norms and, in the most ities that have an impact or potential impact an impact or potential ities that have importance to their own, and the personal importance to their own, well end at one person may by enjoyed in acquiring and using economic goods and re who favor economic freedom is that individ is that freedom economic who favor Many individuals regard the well-being of Many

FREEDOM DEFINING ECONOMIC ECONOMIC DEFINING CHAPTER 2

Ambassador Terry Miller and Anthony B. Kim Anthony Miller and Terry Ambassador E All arecomplementaryin theirimpact,how 20 Friedman onceobserved: with ahighcost tosociety as awhole.By sub wide spheresofeconomicactivitycomes finances withoutunduerestraintgovern and ECONOMIC FREEDOM MEASURING lower productivity, economic stagnation, and ment interference. interactions withtherest oftheworld(for ex neurial resourcesandenergyfromproduc marketplace, government diverts entrepre imposed most oftenforthebenefitofsocietal imposed inthenameofequalityorsomeother minimal necessary level, itislikely infringing the libertyofindividualstousetheirlaboror to globalinvestment ortrade).Most, however, tive activitiestorent-seeking,thequest for Some oftheaspectseconomicfreedomthat ample, theextent ofaneconomy’s openness are evaluatedconcernedwithacountry’s activity. Suchconstraints, thoughsometimes declining prosperity. economically unearned benefits. The result is elites orspecialinterests. AsMiltonandRose ostensibly noblesocietal purpose,areinfact on someone’s economicorpersonalfreedom. ever, andprogressinone areaisoftenlikely comprehensive viewofeconomicfreedom. sustaining personalandnationalprosperity. stituting politicaljudgmentsforthoseofthe posed a wide array of constraints on economic  freedom plays avitalroleinpromoting and focus onpolicieswithinacountry, assessing A society that putsequality—in thesenseof Throughout history, governments have im The Each ofthemeasuredaspects ofeconomic Government’s excessive intrusioninto who useitto promote theirown interests. end upwithneitherequality norfreedom. The equality ofoutcome—ahead offreedom will freedom, andtheforce, introduced for good purposes, willendupinthehandsofpeople use offorce to achieve equality willdestroy Index ofEconomic Freedom 2017 Index ofEconomic Freedom takes a 1 ------• • • • (both realandintellectual)are safe fromun (both wealth isacentralmotivating forceforwork ficult toachieve highlevels offreedomin oth RULE OF LAW OF RULE in onearea(forexample,alackofrespectfor rights give citizens the confidence to under nomenon that leadstothedegradation and nancing. Itisalsothrough theextension and natural resourcesavailable foreconomic use, investment. Securetitlingiskey tounlocking know thattheir income,savings, andproperty to reinforceoreven inspireprogressinanoth take entrepreneurial activity, save their in tioning market economy. Secureproperty the ability to accumulate private property and the wealth embodied inreal estate, making avoid ofthe commons,” the“tragedy thephe and providing collateralforinvestment fi accumulation ofcapitalforproductionand er categories. er. Similarly, repressedeconomicfreedom ers andinvestors. Therecognitionofprivate come, andmake long-termplansbecausethey sured in the property rights)may make itmuchmoredif protect themarevitalfeaturesofafullyfunc property rightsandaneffective ruleoflaw to protection ofpropertyrightsthatsocieties fair expropriationortheft. broad categories: The 12aspectsofeconomicfreedommea Property rightsareaprimaryfactorinthe Government size Market openness labor freedom,andmonetary freedom); ment spending,andfiscalhealth); ment freedom,andfinancialfreedom). and Rule oflaw Property Rights. Regulatory efficiency fectiveness, andgovernment integrity); Index (propertyrights, judicialef may begroupedinto four (taxburden,govern In a market economy, (tradefreedom,invest (business freedom, (business ------ - - - 21 All governments impose impose governments All Tax Burden. Burden. Tax The higher the government’s share of in The higher the government’s There is a direct relationship between the relationship between There is a direct heritage.org/Index . permit individuals and businesses to keep permit individuals and businesses to keep some barriers to conducting business, includ some barriers to conducting business, stitutions by practices such as bribery, nep such as bribery, practices by stitutions practices erode these or circumstance, society come or wealth, the lower the individual’s re the individual’s come or wealth, the lower extent of government intervention in eco intervention of government extent in one ernment regulations or restrictions can incentivize bribery a government costs, otism, cronyism, patronage, embezzlement, patronage, embezzlement, cronyism, otism, bene to gain government or special interests are essential ingredients equal treatment that free society. of an economically government regulations provide opportuni provide regulations government and thereby lower the level of overall pri of overall the level lower and thereby area may create informal markets in another. in another. create informal markets area may interac encourageand secret and illegitimate manageand larger a and income of their share and graft. Though not all are crimes in every every in crimes are all not Though graft. and some individuals allowing are practiced. By tax rates reduce the ability of individuals and tax rates reduce the ability of tion. In particular, excessive and redundant excessive tion. In particular, gov ties for bribery and graft. In addition, tions that compromise the transparency that that Governments taxation and borrowing. the systemic corruption of government in of government corruption the systemic they wherever government the integrity of incentive to undertake work at all. Higher to undertake incentive nomic activity and the prevalence of corrup nomic activity and the prevalence ing regulatory red tape and high transaction of a is essential for the efficient functioning maximize economic freedom. impact on the economic system as a whole is the economic system impact on the principles of fair and incompatible with likely to be modest. Of far greater concern is greater concern Of far to be modest. likely firms to pursue their goals in the marketplace firms to pursue their goals in the marketplace fiscal burdens on economic activity through fiscal burdens on economic activity fits at the expense of others, they are grossly are they others, of expense the at fits vate-sector activity. ward for economic activity and the lower the for economic activity and the lower ward wealth for their own benefit and use, however, benefit and use, however, wealth for their own For example, by imposing numerous burden numerous imposing by example, For GOVERNMENT SIZE GOVERNMENT ------Well-functioning Well-functioning In a world charac world a In The Heritage Foundation | Heritage Foundation The Government Integrity. Government There is plenty of evidence from around There is plenty of evidence from While such practices may indeed con While such practices may Judicial Effectiveness. Effectiveness. Judicial Judicial effectiveness, especially for devel for especially effectiveness, Judicial fectiveness is critical. fectiveness freedom that is most important in laying the important in laying freedom that is most and in ad foundations for economic growth, foundation of the market system and the basis and the system market the foundation of gains from com for economic specialization, pensation, a “tip” for unusually good service, pensation, providers or even government officials may be officials government or even providers preservation and advancement of judicial ef of preservation and advancement perity, an institutional commitment to the an institutional perity, problems that will lead to economic decline. problems that will lead to economic parties. As an essential component of the rule parties. strain an individual’s economic freedom, their an individual’s strain or a corrupt form of extortion. or a corrupt example, small informal payments to service example, small informal payments es regarded as corrupt in one place may simply in one place may es regarded as corrupt cal factor in empowering individuals, ending individuals, empowering in factor cal discrimination, and enhancing . effectiveness may be the first signs of serious signs be the first may effectiveness oping countries, may be the area of economic may oping countries, ers, including by governments and powerful and powerful governments including by ers, requires efficient judicial effectiveness of law, exploitation of property that is held commu of property that exploitation and fair judicial systems to ensure that laws and fair judicial systems legal ac are fully respected, with appropriate and integrity in the marketplace. and integrity in the terized by social and cultural diversity, practic social and cultural diversity, terized by the world that judicial effectiveness is a criti the world that judicial effectiveness tions taken against violations. against tions taken the enforcement of contracts. The voluntary voluntary The of contracts. the enforcement undertaking of contractual obligations is the obligations is the of contractual undertaking human condition and achieve greater pros greater achieve and condition human key aspect of property rights protection is rights protection aspect of property key regarded variously as a normal means of com reflect traditional interactions in another. For reflect traditional interactions in another. izens against infringement of the law by oth infringement by of the law izens against mercial exchange, and trade among nations. among nations. and trade mercial exchange, nally and for which no one is accountable. A A accountable. is one no which for and nally legal frameworks protect the rights of all cit the rights of protect legal frameworks vanced economies, deviations from judicial deviations vanced economies, vate contracts is essential to ensuring equity vate contracts is Even-handed government enforcement of pri enforcement government Even-handed In the never-ending struggle to improve the to improve struggle In the never-ending 22 In the Even worse,agovernment’s insulationfrom Governments imposemany other indirecttax well as tariffs and value-added taxes (VATs).well astariffsandvalue-addedtaxes would have occurredhadtheresourcesin volved beenleft intheprivatesector. value oftheconsumption orinvestment that flected assuchinthe lower productivity, inefficiency, andmounting market disciplineoften leadstobureaucracy, resources andprivateinvestment incentives. ing (for example, to provide infrastructure, measured inthe intrusiveness ofgovernment taken together individual’s economic freedom and are re uct (GDP). temporary, distorting themarket allocationof activity. Even ifaneconomy achieves faster accrue broadly to society in ways that markets are acentraleconomicfreedomissuethatis oftotalas apercentage grossdomestic prod a comprehensive measureofthetaxburden. are animportantanddirectconstraint onan growth through moregovernment spending, great riskofcrowding outprivateeconomic cannot priceappropriately. economic freedom.Somegovernment spend Governmentciency). spendingcomesinmany overall taxburdenfromallformsoftaxation of thesetaxes iscaptured by measuringthe es, includingpayroll, sales, andexcise taxes, as one oftheclearest indicators oftheextent to den onfuturegenerations. entails anopportunitycost. Thiscost isthe eventually be financed by higher taxationand such economicexpansiontendstobeonly spends onpublicgoods, thebenefitsofwhich public debt thatimposesaneven greaterbur fund research,orimprove humancapital)may forms, not all of which areequally harmful to for example,Tax Burden andRegulatoryEffi  be consideredinvestment. Government also All government spending,however, must Individual andcorporateincometaxrates Excessive government spendingrunsa Government Spending. Fiscal Health. Index ofEconomicFreedom Index A government’s budget is inavariety ofways (see, Index The cost, size, and , buttheyarenot 2017 Index ofEconomic Freedom , theburden ------Deviations fromsoundfiscalpositionsoften which itrespectstheprincipleoflimitedgov REGULATORY EFFICIENCY limiting government’s flexibilityinrespond long-term economicexpansionandcriticalto ing toeconomiccrises. Mounting publicdebt rates, crowding outprivateinvestment, and mately toeconomicgrowth. Debt couldalso ic freedom. nomic uncertainty, andthuslimiteconom resources, whichisboth essentialfordynamic government’sreflects a commitment(orlack ic freedom.Burdensome and redundantreg rather thangrowth. ment consumption ortransferpayments, of high levels ofpublicdebt may have numer ulations are the most common barriers to the undue interferencefrom thestate isone of ularly spendingthatmerelyboosts govern term growth policies. Ontheother hand, tribution toproductive investment andulti the erosionofacountry’s overall fiscalhealth. the advancementofeconomicfreedom. of tosoundfinancialmanagement thereof) tervention. Beyondthat, however, a budget the most fundamental indicatorsofeconom ty to establish and run an enterprise without ten undermines overall productivity growth areas inwhichgovernment willintervene in and leadsultimatelytoeconomicstagnation driven by persistent budget deficits, partic ous negative impactssuchasraisinginterest interventions orevencountercyclical long- cits over time.Intheory, debt financingof disturb macroeconomic stability, induceeco den, both ofwhicharedirectconsequences of economic activity and the extent of that in cating resources, abudgetsignalsclearlythe ernment. By delineatingprioritiesandallo public spending could make a positive con lead to poor government budget management, free conduct of entrepreneurial activity. By be amechanismforpositive macroeconomic Widening deficitsandagrowing debt bur Debt is an accumulationofbudgetdefi Business Freedom. Anindividual’s abili ------ - 23 Monetary freedom Monetary Onerous labor laws penalize businesses penalize Onerous labor laws Monetary Freedom. Monetary The value of a country’s currency can be The value of a country’s the theory of accepted single no There is heritage.org/Index bor markets. price controls corrupt market efficiency and market price controls corrupt preneurs or as consumers, economically free preneurs or as consumers, and reliable currency people need a steady prevent employers and employees from freely from employees and employers prevent support. What characterizes almost all mon support. What characterizes almost etary theories today, however, is support for however, theories today, etary of work, and the result is often a chronic mis of work, and the result is often a chronic value or create long-term it is difficult to dom, invisible an like wealth confiscates contrast, constraints. In many countries, unions play unions play countries, many In constraints. as a medium of exchange, unit of account, unit of account, as a medium of exchange, free of value. Without monetary and store amass capital. made plans can be longer-term and other of doing business. and raises the cost an important role in regulating labor freedom an important role the nature of their activity, and, depending on Rigid labor regulations alike. and workers time, the gold standard enjoyed widespread time, the gold enjoyed standard termined prices. Whether acting as entre acting Whether termined prices. the nation’s and preserve tain price stability, savings, the foreseeable future. Investments, resources, misallocates prices, tax and distorts hours worked or other workplace conditions, conditions, workplace or other hours worked right monetary policy for a free society. At one At policy a free society. for right monetary match of labor supply and demand. currency and market-de requires a stable pol by the monetary influenced significantly pol icy With a monetary of its government. main icy to fight inflation, that endeavors by An inflationary policy, more confidently. in any other market. Government labor regu Government market. other in any limits on wage controls, imum wages other or other and hiring and firing, on restrictions freedom or an be either a force for greater may efficient functioning of la impediment to the changesnegotiating in terms and conditions low inflation and an independent central bank. low lead to shortages or surpluses. lations take a variety of forms, including min of forms, a variety lations take wealth, people can rely on market prices for wealth, people can rely on market There is also widespread recognition that ------The Heritage Foundation | Heritage Foundation The The ability of individuals Labor Freedom. State intervention generates State intervention the same Once a business is open, government reg Once a business is open, government The core principle of any economically free The core principle of any Although many regulations hinder busi regulations hinder many Although burden by creating an unpredictable busi unpredictable an creating by burden business planning. If the other applies regu business planning. If the other burdens. If one country applies its regulations If burdens. be completed in a few hours. In other econo In other in a few hours. be completed for goods. problems in the labor market that it produces problems in the labor market sential to enhancing productivity and sustain same token, the ability of businesses to con token, same sion-making or price-setting process. Inter process. sion-making or price-setting evenly and transparently, it can lower the it can lower and transparently, evenly estingly, two countries with the same set of set two countries with the same estingly, counters with officious and sometimes cor counters with officious and sometimes can take much longer and involve endless endless much longercan take and involve ca, the process of obtaining a business license a business license ca, the process of obtaining dure for obtaining a business license can be be a business license can dure for obtaining a key component of economic freedom. By the component of economic freedom. By a key ample, obtaining a business license requires a business license requires ample, obtaining as simple as mailing in a registration form form in a registration as simple as mailing true in the labor market as it is in the market as it is in the market true in the labor market tract freely for labor and dismiss redundant to find employment opportunities and work is to find employment trips to government offices and repeated en trips to government that most inhibit entrepreneurship are of inhibit that most associated with licensing ten those that are to succeed in the marketplace. to succeed tions can make it difficult for entrepreneurs for entrepreneurs it difficult make tions can ulation may interfere with the normal deci ulation may ing overall economic growth. ing overall as That is just exchange. is voluntary market ness environment. regulatory burden by facilitating long-term regulatory burden by regulations can impose different regulatory regulations can impose different rupt bureaucrats. rupt mies, such as India and parts of South Ameri South of parts and India as such mies, many states in the United States, the proce in the United States, states many new businesses. In some countries, as well as well as as In some countries, new businesses. ness productivity and profitability, the ones the ones and profitability, ness productivity increasing the costs of production, regula of production, the costs increasing lations inconsistently, it raises the regulatory lations inconsistently, filling out a single form, and the process can can process the and form, single a out filling workers when they are no longerworkers needed is es with a minimal fee. In Hong Kong, for ex Kong, fee. In Hong with a minimal 24 ways, particularly in the form of regulatory which they lack a comparative advantage or which theylackacomparative advantage vestment canlimitboth inflows andoutflows MARKET OPENNESS MARKET important companies, rather andencourages investment frameworkis characterized by neurial riskinexpectationofgreaterreturn, individual companiesthattake theentrepre investment environment provides maximum iting theirown productive development. ideal. Thisimpedesoverall economicefficien more ofaprotected thaniseconomically good marketplace. Traderestrictions canmanifest restrictions ontheircitizens’abilitytointeract the efficientallocation ofresourcesandre innovationthan discourages andcompetition. andequity,transparency supportingalltypes tives forexpandedeconomicactivity, greater tort productionincentives forlocalproduc andmaximizetheir pro their economicgoals the freeflow offoreigncommercehasadirect trade restrictions alsoappearinmoresubtle trade quotas, oroutrighttradebans. However, themselves intheformoftariffs, exporttaxes, advanced-technology productsandservices cy andgrowth.cy ers, in causingthemtoproduce eitheragood ers pay forforeignimports, buttheyalsodis directly increasethepricesthatlocalconsum ductivity andwell-being.Tariffs, forexample, duce productivity, distorting economicdeci of firms rather than just or large strategically of suchanenvironment flow not onlytothe entrepreneurial opportunitiesandincen sion-making. Restrictions oncross-border in productivity, andjobcreation.The benefits freely as buyers or sellers in the international .both domestic andinternational,undermine but also to society as a whole. An effective beyond thereachoflocalentrepreneurs, lim  bearing ontheabilityofindividualstopursue barriers relatedtohealthorsafety The degree to which government hinders In many cases, tradelimitationsalsoput Trade Freedom. Restrictions onthemovement of capital, Investment Freedom. Many governments place Afreeandopen 2017 Index ofEconomic Freedom ------who have made bad decisions. This process financial intermediationbetween house ficiently functioningformalfinancial system financing entrepreneurial activity, andlimit independent auditing,ensuresboth. mand, markets provide real-time information individuals. By expandingfinancingoppor neurial activity. ital. Themorerestrictions acountryimposes it choiceisanimpositiononthefreedomof needed andthereturns aregreatest. State in ensuring transparency andintegrity in ensuringtransparency raising capitalordiversifying risk.Aswith holds andfirmsaswellbetween investors how toinvest, capitalcanflow toitsbest uses: the integrityofinformationbeingmade tunities andpromoting entrepreneurship, an to thesectorsandactivitieswhereitismost the bankingsystem, theusefulrolefor gov available. Aprudentandeffective regulatory and entrepreneurs. action toredirecttheflow ofcapitalandlim and companies are free to choose where and and risks. depends on transparency inthemarketdepends ontransparency and on pricesandimmediatedisciplineforthose open bankingenvironment com encourages credit, payment, andinvestment servicesto ensures theavailability ofdiversified savings, on investment, thelower itslevel ofentrepre ducing opportunitiesforgrowth. of capital,thereby shrinkingmarkets andre can impedeefficiency, increasethecosts of ernment inregulatingtheseinstitutions lies cial servicesthatofferalternative meansfor system, through disclosurerequirementsand state beyondthe assuranceoftrans thatgoes petition inordertoprovide the most efficient parency andhonestyparency infinancialmarkets promoting disclosure ofassets, liabilities, both the investor and the person seeking cap banks isbeingcomplementedby other finan Through a process driven by supply and de In anenvironment inwhichindividuals Increasingly, thecentralroleplayed by Banking andfinancialregulation by the Financial Freedom. Anaccessibleandef ------ - - - 25 Index of Economic Free Index (New York: Harcourt Brace Jovanovich, 1979). Jovanovich, Brace Harcourt York: (New , we explore many aspects of the relation , we explore many No country provides perfect freedom to its perfect freedom to No country provides In other words, those who believe in eco who believe those words, In other Throughout the heritage.org/Index focused on a comprehensive yet far from ex yet focused on a comprehensive pects they believe are most important. That are most pects they believe ships between individuals and governments. individuals and governments. ships between seems to bring new challenges who from those views or control the seek to impose their own own unique paths to prosperity. own goodfor act, typically ernments Howev ill. or nature, its very of freedom, by the concept er, As new threats to others. actions of economic world, our economic freedom arise around the will continue definitions and methodologies dom around the world. citizens, and those that do permit high levels permit high levels and those that do citizens, with respect to which as of freedom differ gether in associations or corporations, to cre or corporations, gether in associations als to decide for themselves how to direct their to direct their how for themselves als to decide respond to ate the goods best and services that their to craft individuals and societies allows to evolve so that we can provide as true a pic so that we can provide to evolve free of economic state the of possible as ture the needs and desires of their fellow citizens. of their fellow the needs and desires dom haustive range of policyhaustive areas in which gov resists a narrow definition, and each year each and definition, narrow a resists nomic freedom believe in the right of individu in the right of believe nomic freedom which liberty, of nature the with consistent is lives. The added benefit from society’s point of point society’s from benefit added The lives. view is the proven power of self-directed indi of self-directed power proven view is the working alone or working to whether viduals, In measuring economic freedom, we have we have In measuring economic freedom, ------In Free to Choose: A Personal Statement A Personal Choose: to Free The Heritage Foundation | Heritage Foundation The have elaborated, economic have Index Index that each measured aspect of eco Index and Rose D. Friedman, Friedman, D. and Rose Friedman Milton also reveals that it is not the policies we fail not it is that also reveals Economic freedom is not a single system, a single system, Economic freedom is not We know from the data we collect to build to collect we data the from know We As a vital component of human dignity, of human dignity, As a vital component freedom is not a dogmatic ideology. It rep a dogmatic ideology. freedom is not strategies for economic advancement. The advancement. for economic strategies often, we put in place. eas measured tend to spur growth. Growth, in Growth, eas measured tend to spur growth. economic growth and prosperity. Policies Policies and prosperity. economic growth economic freedom provides a formula for eco a formula for provides economic freedom critical function of a market economy. of a market critical function competition. If the government intervenes in intervenes If the government competition. a single dominating system. As previous edi a single dominating system. autonomy, and personal empowerment, eco and personal empowerment, autonomy, to implement that hold back economic growth. growth. to implement that hold back economic tions of the turn, is an essential element in building last turn, is an essential element in building that allow greater freedom in any of the ar greater freedom in any that allow the the choices of millions of individuals by in individuals by of millions of the choices of capital—the most with the pricing terfering the stock market, for instance, it contravenes it contravenes for instance, market, the stock 1. dex however. In many respects, it is the absence of respects, In many however. ma and embraces diverse and even competing competing and even ma and embraces diverse resents instead a philosophy that rejects dog rejects that philosophy a instead resents ing prosperity. nomic freedom has a significant effect on nomic freedom has a significant nomic success. nomic freedom is valuable as an end itself. itself. end an as is valuable freedom nomic ENDNOTE: ECONOMIC FREEDOM:ECONOMIC A SUCCESS FORMULA FOR Rather, it is the dreadful policies that, all too Rather, Just as important, however, is the fact that is however, as important, Just