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Economic Freedom of the World: Annual Report 2003. Fraser Institute Policy Briefing Toronto July 8 2003. THANK YOU FOR COMING!. The key to changing policy in the world is changing the climate of opinion about what works and what does not work in encouraging world development

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economic freedom of the world annual report 2003
Economic Freedom of the World: Annual Report 2003
  • Fraser Institute

Policy Briefing

  • Toronto
  • July 8
  • 2003
thank you for coming
THANK YOU FOR COMING!
  • The key to changing policy in the world is changing the climate of opinion about what works and what does not work in encouraging world development
  • The key to changing the climate of opinion is providing the widest possible audience with good information about the causes of development and under-development
economic freedom of the world project
Economic Freedom of the World Project
  • Objective: find a way to measure economic freedom and explore the connection between it and other variables
  • 18 year project
  • Led by Professor Milton Friedman, Rose Friedman and Michael Walker
  • Involved 100 of the world’s top scholars
what is the economic freedom of the world index
What is The Economic Freedom of the World Index?
  • An annual compilation of data representing factors which make a country economically free
  • Authors: James Gwartney and Robert Lawson
  • A compendium of 38 government policies affecting economic freedom based on objective data or independent surveys
  • A ranking of 123 countries representing 91% of the world’s population according to the extent to which they permit their citizens to be economically free
  • Now a collaboration of Institutes in 59 different countries
what is economic freedom
What is Economic Freedom

Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others. An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are engaged in voluntary transactions.

James Gwartney et al. 1996

components of the economic freedom of the world index
Components of The Economic Freedom of the World Index
  • Size of government and taxation
  • Public versus private ownership
  • Private property and the rule of law
  • Trade regulation and tariffs
  • Foreign exchange and inflation
  • Controls on asset sales to foreigners
  • Based entirely on objective or third party data from 123 countries
slide8

Member Institutes of

Economic Freedom of the World Network

African Research Center for Public Policy and Market Process, Kenya

Albanian Center for Economic Research (ACER), Albania

Association for Liberal Thinking, Turkey

Association pour la Liberté Economique et le Progrès Social (ALEPS), France

Cato Institute, United States of America

Center for the Dissemination of Economic Knowledge (CEDICE), Venezuela

Center for Free Enterprise, Korea

Center for Policy Research, Sri Lanka

The Center for Research and Communication, Philippines

Centre for Civil Society, India

Centre for the New Europe, Belgium

Centro Einaudi, Italy

Centro de Investigación para el Desarrollo A.C., Mexico

Centro de Investigación y Estudios Legales (CITEL), Peru

Centro de Investigaciones Económicas Nacionales, Guatemala

Centrum im. Adama Smitha, Poland

The Estonian Institute for Open Society Research, Estonia

The F.A. Hayek Foundation, Slovak Republic

The Fraser Institute, Canada

Free Market Centre, Yugoslavia

The Free Market Foundation of Southern Africa, South Africa

Fundación DL, Colombia

Fundación Economía y Desarrollo, Inc., Dominican Republic

Fundación Libertad, Argentina

Fundación Libertad, Panamá

Fundación Libertad, Democracia y Desarrollo, Bolivia

Hong Kong Centre for Economic Research, Hong Kong

Institute for Advanced Strategic and Political Studies, Israel

Institute for Market Economics, Bulgaria

Institute of Business, Trinidad and Tobago

The Institute of Economic Affairs, Ghana

The Institute of Economic Affairs, United Kingdom

Institute of Economic Analysis, Russia

Institute of Economic Studies, Iceland

The Institute of Economics, Croatia

Institute of Public Affairs, Australia

Institute of Public Policy Analysis, Nigeria

Instituto Ecuatoriano de Economía Política, Ecuador

Instituto Liberal do Rio de Janeiro, Brazil

Instituto Libertad y Desarrollo, Chile

Instituto para la Libertad y el Análisis de Políticas, Costa Rica

Liberales Institut, Germany

Liberales Institut, Switzerland

Liberální Institut, Czech Republic

Lithuanian Free Market Institute, Lithuania

Making Our Economy Right (MOER), Bangladesh

The Nassau Institute, Bahamas

The New Zealand Business Roundtable, New Zealand

Open Republic Institute, Ireland

Szazadveg Policy Research Center, Hungary

TIGRA®, Austria

Timbro, Sweden

The Ukrainian Center for Independent Political Research, Ukraine

 D’Letzeburger Land, Luxembourg

The Institute for Development of Eco­nomics and Finance, Indonesia

Liberty Network (LINE), Denmark

Liberty Institute, Romania

Bureau d’Analyse d’Ingenierie et de Logiciels (BAILO), Ivory Coast

slide9

Sampling of Press Coverage

Economic Freedom of the World 2002

·         People’s Daily (China)

·         The BBC World Service

·         Financial Times of London

·         CNN

·         The Daily Star, (Dhaka, Bangladesh)

·         Frankfurter Allgemeine Zeitung

·         Investor\'s Business Daily

·         The Economist

·         Business Week

·         Agence France-Presse (4 articles)

·         ITAR-TASS

·         Notimex

·         DPA (German Press Agency)

·         Jiji Press

·         Sing Tao Daily (China)

·         Kyodo News

·         Xinhua

·         Japan Economic Newswire

·         Inter Press Service

·         Press Trust of India

·         National Post, (Canada)

·    T he Christian Science Monitor

·         Radio Free Europe

·         Radio Free Asia

·         SBS Broadcasting (Australia)

·         Chinese Radio (US)

·         El Comercio, Ecuador

·         El Financiero, Ecuador

·         Latin Trade, Florida

·         Economia, Portugal

·         Público, Portugal

·         United Press International

·         BNS, Lithuania

·         Lietuvos Aidas, Lithuania

·         Respublika, Lithuania

·         Lietuvos Televizija (Lithuania)

·         Znad Wilii, Poland

·         Irish Times

·         Globe and Mail (Canada)

·    Times Banks & Exchanges (Russia)

·         Ottawa Citizen (Canada)

·         Bloomberg TV

·         Reuters

·         South China Morning Post (2 articles)

·         New Zealand Herald

·         Hindustan Times

·         CNN en Espanol

·         White House Bulletin

·         Pravda

·         Reforma (Mexico)

·         El Diario (Chile)

·         Singapore Business Times

·         Komersant (Russia)

·         Vedomosti (Russia)

·         La Nacion (Costa Rica)

·         La Republica (Costa Rica)

·         Corporate Mexico

·         Asia Pulse

·         Asia Times

·         AsiaPort

·         Daily News Asia

the top ten and how they got there
The top ten and how they got there

Source: The Fraser Institute.

why is economic freedom important
Why is Economic Freedom Important?
  • Economic rights are fundamental rights in the sense that without them there can be no political freedom or civil freedoms
  • They are a prerequisite for growth and development
  • They are a prerequisite for broader human development
income per person of the bottom ten
Income (per person) of the Bottom Ten

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

income per person of the top ten
Income (per person) of the Top Ten

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

per capita income and economic freedom quintile
Per Capita Income and Economic Freedom Quintile

Least Free …….. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003 (Online).

growth in real gdp per capita and economic freedom quintile
Growth in Real GDP Per Capita and Economic Freedom Quintile

Least Free ……………..….. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

human poverty index and economic freedom quintile
Human Poverty Index and Economic Freedom Quintile

Least Free …………..…. Most Free

Sources: The Fraser Institute; United Nations Development Programmme, Human Development Indicators 2002 (Online).

income inequality 1997 2001
Income Inequality, 1997-2001

Percent of income accruing to the

Least Free …….. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

per capita income of poorest 10 and economic freedom
Per Capita Income of poorest 10% and Economic Freedom

Least Free …….. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

slide24

As the world’s eyes again turn to Africa …

Economic Freedom Making a Difference

An Example…

economic freedom versus corruption
Economic Freedom Versus Corruption

Least Free ………….. Most Free

Sources: The Fraser Institute; Transparency International, Corruption Perceptions Index 2002 (Online).

political stability and economic freedom quintile
Political Stability and Economic Freedom Quintile

Least Free ………..… Most Free

economic and political freedom
Economic and Political Freedom

Least Free …… Most Free

Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 1972-73 to 2001-02 (Online).

economic and civil freedom
Economic and Civil Freedom

Least Free …… Most Free

Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 1972-73 to 2001-02 (Online).

slide32

The impact of Economic Freedom on the UN’s Human Development Index and other indicatorsof well-being

human development index 2000 and economic freedom quintiles
Human Development Index, 2000, and Economic Freedom Quintiles

Least Free ……………. Most Free

Sources: The Fraser Institute; United Nations Development Programmme, Human Development Indicators 2002 (Online).

infant mortality and economic freedom quintile
Infant Mortality and Economic Freedom Quintile

Least Free ………..…. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

economic freedom and labor force children 10 14 of age group 2001
Economic Freedom and Labor force, children 10-14 (% of age group), 2001

Least Free ……………. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

access to essential drugs 1999 and economic freedom quintiles
Access to Essential Drugs, 1999, and Economic Freedom Quintiles

Least Free …………..Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2002 (CD-ROM).

of population using improved water sources 2001
% of Population Using Improved Water Sources, 2001

Least Free …………….. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

life expectancy at birth 2001 and economic freedom quintiles
Life Expectancy at Birth, 2001, and Economic Freedom Quintiles

Least Free ……………. Most Free

Sources: The Fraser Institute; The World Bank, World Development Indicators 2003

(Online).

conclusions
Conclusions

Economic Freedom spurs

  • Increased prosperity for all
  • Poverty reduction
  • Other freedoms
  • Quality of life improvements
  • All this can be seen in today’s data and lessons from history
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