To: SofaSpud who wrote (2811 ) 7/8/2003 2:26:47 PM From: DeplorableIrredeemableRedneck Read Replies (1) | Respond to of 37570 Increasing Economic Freedom Leads to Greater Democracy and Prosperity The Economic Freedom of the World: 2003 Annual Report, released today by The Fraser Institute, provides a roadmap for building prosperous and democratic nations, according to Nobel Laureates who helped construct the report. “Freeing people economically unleashes individual drive and initiative and puts a nation on the road to economic growth,” says Nobel Laureate Milton Friedman, one of the original creators of the Economic Freedom Index. “In turn, economic prosperity and independence from government promote civil and political liberty.” The key ingredients of economic freedom are personal choice, voluntary exchange, freedom to compete, and the protection of person and property. Using 38 variables for each country, the report measures the institutions essential to ensuring the rule of law, property rights, freedom to trade, sensible regulation, and reasonably sized government. Canada’s Ranking Canada has the world’s sixth highest level of economic freedom. Canada scores very highly on legal structure, property rights, sound money, and freedom to trade. However, our overall ranking is negatively affected by relatively high government spending and taxation, and by over-regulation. Canada’s ranking on last year’s Economic Freedom rankings was 7th overall. Hong Kong retains the highest economic freedom rating, followed by Singapore, the United States, New Zealand, and the United Kingdom. The rankings of other large economies are Japan, 26; Germany, 20; Italy, 35; France, 44; Mexico, 69; China, 100; India, 73; Brazil, 82; and Russia, 112. The bottom five nations are Guinea-Bissau, Algeria, Zimbabwe, the Democratic Republic of the Congo, and Myanmar. For the media release: fraserinstitute.ca For the complete Report (in PDF): fraserinstitute.ca For the Economic Freedom Network: www.freetheworld.com