The United States—which in 2000 was ranked 2nd (Hong Kong was 1st)—is now “16th of the 157 countries surveyed for five major indicators of freedom, such as size of government, freedom to trade internationally, and regulation.”
The [Index’s] key ingredients for economic freedom are personal choice, voluntary exchange, freedom to compete, and protection of persons and property. Nations with the most economic freedom have more prosperity, higher incomes (for rich and poor), longer life expectancies, better health, and more robust political and civil rights.
The good news is that, although Americans’ acceptance of the creed of sacrifice has led to our economic decline, citizens of certain other nations are (at least to some extent) rejecting that creed and embracing the fact that prosperity requires the pursuit and production of values, not the surrender or sacrifice thereof. Consequently, as Koch reports,
many developing nations have rapidly improved their economic environments. Most notable are three former Soviet Republics, or Soviet-Allied States. Compared to last year’s report, Georgia has increased its ranking from 16th to 11th, Romania has moved from 25th to 17th, and Latvia has moved from 44th to 35th. . . . [All in all] the world is significantly more economically free than it was three decades ago. Since 1980, overall world economic freedom has greatly improved, and it has increased again this year.
Koch concludes that “America has the choice between restoring economic freedom and creating new opportunities for everyone or continuing down a path of declining economic freedom and quality of life.” . . .