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Economic Freedom of the World: 1975-1995 Co-Publishers James Gwartne y Economic Robert Lawson Freedom Walter Bloc k United States Economic Freedom of the World: 1975-1995 co-publishers Cato Institute, Washington, D.C., United States of America a charitable trust. Untill 992 it was affiliated with the Chinese University Founded in 1977, the Cato Institute is a public policy research foundation of Hong Kong, and since then it has been affiliated with the University dedicated to broadening the parameters of policy debate to allow con- of Hong Kong. The Centre recognizes that the economic success of Hong sideration of more options that are consistent with the traditional Amer- Kong is the result of policies that protected private property rights, free ican principles of limited government, individual liberty, free markets, enterprise, and limited the role of the government. It also recognizes that and peace. To that end, the Institute strives to achieve greater involve- the political foundation of these policies is always vulnerable, and that ment of the intelligent, concerned lay public in questions of policy and the case for preserving these policies and expanding its scope has to be the proper role of government through an extensive program of publica- continuously articulated. The main activities of the Centre are to influ- tions and seminars. ence public opinion and policy outcomes through a program of research and education. Centro de Investigaciones Economicas Nacionales, Guatemala City, Guatemala The Institute of Economic Affairs, London, England The IEA 's mission is to improve public understanding of the foundations The Center for Research on the National Economy (CIEN) was estab- of a free and harmonious society by expounding and analyzing the role lished in Guatemala in 1982. It is a private, non-partisan, not for profit of markets in solving economic and social problems, and bringing the public policy institute, funded by the sale of its books and periodical results of that work to the attention of those who influence thinking, The publications, income from conferences and seminars, and the support it IEA achieves its mission by a high quality publishing program; conferen- receives from its members and the public. The Center's program is ces, seminars and lectures on a range of subjects; outreach to school and devoted to the technical study of economic and social problems that need college students; brokering media introductions and appearances; and to be resolved to promote the stable development of the nation. Its other related activities. Incorporated in 1955 by the late Sir Anthony members, staff, research associates, and its supporters share the princi- Fisher, the IEA is an educational charity, limited by guarantee. It is ples of a social order of free and responsible individuals interacting independent of any political party or group, and is financed by sales of through a market economy functioning within the rule of law. publications, conference fees, and voluntary donations. Centro de Investigaciones Sobre la Libre Empresa, A.C., The Institute of Economic Affairs, Accra, Ghana Mexico City, Mexico The Institute of Economic Affairs (IEA) Ghana is an independent, The Centro de Investigaciones Sobre la Libre Empresa (CISLE) is a non-governmental institution dedicated to the establishment and nonprofit educational and public policy organization founded in 1984. strengthening of a market economy and a democratic, free and open Its aim is to defend and promote the ideals of free trade and free enterprise society. The IEA was founded in October 1989. It considers im- in all areas of society. CISLE maintains that the fundamental source of provements in the legal, social and political institutions as necessary well being and the wealth of nations is a sound institutional order which conditions for sustained economic growth and human development. The guarantees competition, private ownership, and open markets. CISLE* s IEA supports research, and promotes and publishes studies on important activities are Financed by a select group of generous donors. economic socio-political and legal issues i n order to enhance understand- ing of public policy. The Fraser Institute, Vancouver, Canada The Fraser Institute is an independent Canadian economic and social Institute of Public Affairs, Jolimont, Australia research and educational organization. It has as its objective the redirection Established in 1943, thelPAis Australia's oldest and largest private-sec- of public attention to the role of competitive markets in providing for the tor "think tank." Its aim is to advance the interests of the Australian well-being of Canadians. Where markets work, the Institute's interest people. Those interests include prosperity and full employment, the rule lies in trying to discover prospects for improvement. Where markets do of law, democratic freedoms, security from crime and invasion, high not work, its interest lies in finding the reasons. Where competitive standards in education and family life. To identify and promote the best markets have been replaced by government control, the interest of the means of securing these values, the IP A undertakes research, organizes Institute lies in documenting objectively the nature of the improvement seminars, and publishes widely. or deterioration resulting from government intervention. The work of the Institute is assisted by an Editorial Advisory Board of internationally renowned economists. The Fraser Institute is a national, federally char- The Israel Center for Social and Economic Progress, tered, non-profit organization financed by the sale of its publications and Mevasseret Zion, Israel the tax-deductible contributions of its members. The Israel Center for Social and Economic Progress (ICSEP) is a non-partisan public policy think tank advocating free market policies in Israel. It holds conferences and seminars for Israeli decision makers and The Free Market Foundation of Southern Africa, public opinion moulders. It runs an extensive publications and audio Johannesburg, South Africa visual program. It is also engaged in teaching basic economic concepts The Free Market Foundation of Southern Africa was established in 1975 to high school students and new immigrants. to promote economic freedom. The FMF sponsors and conducts research, publications, conferences, lectures, training programs and lobbying Liberales Institut, Bonn, Germany efforts in support of the free market. Its funding comes from membership subscriptions, project sponsorships, and income from sales and fees. The Liberales Institut (Liberty Institute) is the think tank of the Friedrich- Naumann-Foundation. The Bonn-based institute devotes itself to spread- ing ctassical liberal/free market ideas through the publication of classical The Hong Kong Centre for Economic Research, liberal literature, the analysis of current political trends and the promo- Hong Kong tion of research. By organizing conferences and workshops, the institute The Hong Kong Centre for Economic Research is an independent free tries to stimulate an intellectual exchange among liberals around the market policy research institute. The Centre was established in 1987 as world. www.fraserinstitute.org ECONOMIC FREEDOM OF THE WORLD: 1975-1995 www.fraserinstitute.org www.fraserinstitute.org ECONOMIC FREEDOM OF THE WORLD: 1975-1995 by James Gwartney Robert Lawson Walter Block www.fraserinstitute.org Copyright © 1996 by The Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permis- sion except in the case of brief quotations embodied in critical articles and reviews. The authors of this book have worked independently and opinions expressed by them, therefore, are their own, and do not necessarily reflect the opinions of the members or the trustees of The Fraser Institute. Printed in Canada. Canadian Cataloguing in Publication Data Gwartney, James D. Economic Freedom of the World, 1975-1995 Includes bibliographical references. ISBN 0-88975-157-9 1. Free enterprise. 2. Economic history—1971-1990. 3. Economic history—1900- 4. Economic development— Measurement. I. Lawson, Robert A. (Robert Allen), 1967- II. Block, Walter, 1941- III. Fraser Institute (Vancouver, B.C.) IV. Title HB95.G92 1995 330.9'045 C95-911182-4 www.fraserinstitute.org TABLE OF CONTENTS Foreword vii List of Exhibits ix About the Authors xii Acknowledgments xiii Executive Summary xv Graphic Summary of Major Findings xix Introduction: The Historical Development of The Economic Freedom Index by Michael A. Walker 1 Chapter 1 Construction of the Economic Freedom Index 11 • The Concept of Economic Freedom / 12 • The Components of Our Index of Economic Freedom / 14 • Attaching Weights to the Components / 37 Chapter 2 Rating the Economic Freedom of Countries in 1993-1995, 1990, 1985, 1980, and 1975 47 • Country Ratings in 1993-1995 / 47 • Country Rankings: 1975-1995 / 62 • The Persistently High and Persistently Low Rated Countries: 1975-1995 / 66 Chapter 3 Changes in the Economic Freedom of Countries: 1975 to 1995 71 • Changes in the Economic Freedom of Countries / 71 • Changes in the Economic Freedom of the World / 80 • Changes in Economic Freedom By Development Status and Region / 84 www.fraserinstitute.org Chapter 4 Economic Freedom and Economic Growth 89 • Measurement Problems and the Relationship Between Economic Freedom and Income / 90 • The Level of Economic Freedom, Income, and Growth / 92 • Changes in Economic Freedom and the Growth of GDP / 97 • Economic Freedom and Economic Growth:
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