Economic Freedom Research Paper

Governments create law, order and stability in society. In this day and age, societies must have a course of actions and specific guidelines set in place in order to perform legitimately, encourage development and foster a healthy growing population. Despite the differences in the rules amongst various countries, a common thread is that every country depends, in varying degrees, on other resources to successfully develop itself. A country cannot prosper without a strong connection with the rest of the world. Philosophers and economist have advocated an economic system based on a free market; what one may call economic freedom. To promote economic freedom, a society must maintain a government that recognizes an individual’s right to produce, …show more content…
It is a condition that exists to varying degrees in virtually every jurisdiction and society on earth. There are ways, however, to improve conditions for even the poorest of the poor. There is a proven direct relationship between poverty and economic freedom. Each year the economic freedom of the world report shows that countries with high levels of economic freedom experience less poverty than countries with low levels of economic freedom. Furthermore, the intensity of poverty in countries whose economies are mostly free or moderately free is only about one-fourth the level found in countries rated less free. China and India serve as two prime examples that validate the accuracy of this statistic. Both of these countries have become front-runners in economic enterprise and are improving the economic freedoms within their nations. As a result, they have seen millions of people lifted out of poverty. Nonetheless, the question still remains, how and why is economic freedom an immediate connection to the abolishment of poverty? One important aspect of economic freedom is openness to trade. It is directly associated with poverty reduction. Trade controls how countries do business with each other. It allows countries to obtain food and materials that they could not produce for themselves. For most countries, trade is an essential source of wealth generation. Through trade activity, countries can boost their competitiveness in markets for …show more content…
It is government and society that describes and defines this freedom, and thus, it is consistently changing, for government and society are repeatedly advancing. Economic freedom is fundamentally about guaranteeing human rights. It is the power to benefit from our own thoughts and labor, to work, deliver, consume, declare, exchange, and invest as directed by our personal choices. It is the key that guarantees lasting, comprehensive development and the expansion and flourishing of an entire society. As Friedrich Hayek predicted decades ago, “the guiding principle in any attempt to create a world of free men must be this: a policy of freedom for the individual is the only truly progressive policy.” This fairness and equality under the watchful eye of the law guarantees the value of opportunity. Ultimately, economic freedom delivers better results. Life expectancy is lengthened, societal growth is stronger, literacy rates are higher because education institutes are emerging, and living conditions are improved in countries that embrace economic freedom. Economic freedom goes hand and hand with alleviating poverty and food insecurity, empowering individuals and advancing and improving literacy rates. It remains a curtail aspect of a healthy