The level of economic freedom in the world has continued to grow over the last year, with 83 economies representing every region posting gains in the 15th annual Index of Economic Freedom, says a study jointly done by The Heritage Foundation and The Wall Street Journal.
And what are free economies? Well, economies classified as 'free' or 'mostly free' do a much better job in promoting human development, reducing poverty and protecting the environment. According to the study, economic freedom is strongly related to good economic performance.
Per capita incomes are much higher in countries that are economically free, says the study. Economies rated 'free' or 'mostly free' in the 2009 Index enjoy incomes that are more than double the average levels in all other countries, it adds.
The ten components of economic freedom are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom. So which are the world's freest economies? Read on . . .
Image: Christmas shopping at a mall in Hong Kong. | Photograph: Woody Wu/Reuters
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