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Defining Economic Freedom

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Defining Economic Freedom CHAPTER 2 DEFINING ECONOMIC FREEDOM Ambassador Terry Miller and Anthony B. Kim conomic freedom is at its heart about indi- experience of generations learning how to live Evidual autonomy, concerned chiefly with with one another. They guide our understand- the freedom of choice enjoyed by individuals ing of ethics, the etiquette of personal and pro- in acquiring and using economic goods and re- fessional relationships, and consumer tastes. sources. The underlying assumption of those Democratic political systems, at their best, who favor economic freedom is that individ- reflect societal norms in their laws and regu- uals know their needs and desires best and lations, but even democratic governments, if that a self-directed life, guided by one’s own unconstrained by constitutional or other tra- philosophies and priorities rather than those ditional limits, may pose substantial threats to of a government or technocratic elite, is the economic freedom. A constraint imposed on foundation of a fulfilling existence. Indepen- economic freedom by majority rule is no less dence and self-respect flow from the ability a constraint than one imposed by an absolute and responsibility to take care of oneself and ruler or oligarch. It is thus not so much the one’s family and are invaluable contributors type of government that determines the de- to human dignity and equality. gree of economic freedom as it is the extent to Living in societies as we do, individual au- which government has limits beyond which it tonomy can never be considered absolute. may not, or at least does not, go. Many individuals regard the well-being of Inevitably, any discussion of economic their families and communities as equal in freedom will focus on the critical relationship importance to their own, and the personal between individuals and the government. In rights enjoyed by one person may well end at general, state action or government control his neighbor’s doorstep. Decisions and activ- that interferes with individual autonomy lim- ities that have an impact or potential impact its economic freedom. on others are rightly constrained by societal However, the goal of economic freedom is norms and, in the most critical areas, by gov- not simply the absence of government coer- ernment laws or regulations. cion or constraint, but rather the creation and In a market-oriented economy, societal maintenance of a mutual sense of liberty for all. norms, not government laws and regulations, Some government action is necessary for the are the primary regulator of behavior. Such citizens of a nation to defend themselves and to norms grow organically out of society it- promote the peaceful evolution of civil society, self, reflecting its history, its culture, and the but when government action rises beyond the The Heritage Foundation | heritage.org/Index 19 minimal necessary level, it is likely infringing to reinforce or even inspire progress in anoth- on someone’s economic or personal freedom. er. Similarly, repressed economic freedom Throughout history, governments have im- in one area (for example, a lack of respect for posed a wide array of constraints on economic property rights) may make it much more dif- activity. Such constraints, though sometimes ficult to achieve high levels of freedom in oth- imposed in the name of equality or some other er categories. ostensibly noble societal purpose, are in fact The 12 aspects of economic freedom mea- imposed most often for the benefit of societal sured in the Index may be grouped into four elites or special interests. As Milton and Rose broad categories: Friedman once observed: • Rule of law (property rights, judicial ef- A society that puts equality—in the sense of fectiveness, and government integrity); equality of outcome—ahead of freedom will end up with neither equality nor freedom. The • Government size (tax burden, govern- use of force to achieve equality will destroy freedom, and the force, introduced for good ment spending, and fiscal health); purposes, will end up in the hands of people who use it to promote their own interests.1 • Regulatory efficiency (business freedom, labor freedom, and monetary freedom); Government’s excessive intrusion into and wide spheres of economic activity comes with a high cost to society as a whole. By sub- • Market openness (trade freedom, invest- stituting political judgments for those of the ment freedom, and financial freedom). marketplace, government diverts entrepre- neurial resources and energy from produc- RULE OF LAW tive activities to rent-seeking, the quest for Property Rights. In a market economy, economically unearned benefits. The result is the ability to accumulate private property and lower productivity, economic stagnation, and wealth is a central motivating force for work- declining prosperity. ers and investors. The recognition of private property rights and an effective rule of law to MEASURING protect them are vital features of a fully func- ECONOMIC FREEDOM tioning market economy. Secure property The Index of Economic Freedom takes a rights give citizens the confidence to under- comprehensive view of economic freedom. take entrepreneurial activity, save their in- Some of the aspects of economic freedom that come, and make long-term plans because they are evaluated are concerned with a country’s know that their income, savings, and property interactions with the rest of the world (for ex- (both real and intellectual) are safe from un- ample, the extent of an economy’s openness fair expropriation or theft. to global investment or trade). Most, however, Property rights are a primary factor in the focus on policies within a country, assessing accumulation of capital for production and the liberty of individuals to use their labor or investment. Secure titling is key to unlocking finances without undue restraint and govern- the wealth embodied in real estate, making ment interference. natural resources available for economic use, Each of the measured aspects of economic and providing collateral for investment fi- freedom plays a vital role in promoting and nancing. It is also through the extension and sustaining personal and national prosperity. protection of property rights that societies All are complementary in their impact, how- avoid the “tragedy of the commons,” the phe- ever, and progress in one area is often likely nomenon that leads to the degradation and 20 2017 Index of Economic Freedom exploitation of property that is held commu- impact on the economic system as a whole is nally and for which no one is accountable. A likely to be modest. Of far greater concern is key aspect of property rights protection is the systemic corruption of government in- the enforcement of contracts. The voluntary stitutions by practices such as bribery, nep- undertaking of contractual obligations is the otism, cronyism, patronage, embezzlement, foundation of the market system and the basis and graft. Though not all are crimes in every for economic specialization, gains from com- society or circumstance, these practices erode mercial exchange, and trade among nations. the integrity of government wherever they Even-handed government enforcement of pri- are practiced. By allowing some individuals vate contracts is essential to ensuring equity or special interests to gain government bene- and integrity in the marketplace. fits at the expense of others, they are grossly Judicial Effectiveness. Well-functioning incompatible with the principles of fair and legal frameworks protect the rights of all cit- equal treatment that are essential ingredients izens against infringement of the law by oth- of an economically free society. ers, including by governments and powerful There is a direct relationship between the parties. As an essential component of the rule extent of government intervention in eco- of law, judicial effectiveness requires efficient nomic activity and the prevalence of corrup- and fair judicial systems to ensure that laws tion. In particular, excessive and redundant are fully respected, with appropriate legal ac- government regulations provide opportuni- tions taken against violations. ties for bribery and graft. In addition, gov- Judicial effectiveness, especially for devel- ernment regulations or restrictions in one oping countries, may be the area of economic area may create informal markets in another. freedom that is most important in laying the For example, by imposing numerous burden- foundations for economic growth, and in ad- some barriers to conducting business, includ- vanced economies, deviations from judicial ing regulatory red tape and high transaction effectiveness may be the first signs of serious costs, a government can incentivize bribery problems that will lead to economic decline. and encourage illegitimate and secret interac- There is plenty of evidence from around tions that compromise the transparency that the world that judicial effectiveness is a criti- is essential for the efficient functioning of a cal factor in empowering individuals, ending free market. discrimination, and enhancing competition. In the never-ending struggle to improve the GOVERNMENT SIZE human condition and achieve greater pros- Tax Burden. All governments impose perity, an institutional commitment to the fiscal burdens on economic activity through preservation and advancement of judicial ef- taxation and borrowing. Governments that fectiveness is critical. permit individuals and businesses to keep Government Integrity. In a world charac- and manage a larger share of their income and terized by social and cultural diversity, practic- wealth for their own benefit and use, however, es regarded as corrupt in one place may simply maximize economic freedom. reflect traditional interactions in another. For The higher the government’s share of in- example, small informal payments to service come or wealth, the lower the individual’s re- providers or even government officials may be ward for economic activity and the lower the regarded variously as a normal means of com- incentive to undertake work at all. Higher pensation, a “tip” for unusually good service, tax rates reduce the ability of individuals and or a corrupt form of extortion.
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