The 2023 results are in, and economic freedom is not on the march. According to the recent Index of Economic Freedom, it is weakening in the United States and places around the world.
Since 1994, the Heritage Foundation and the Wall Street Journal have annually tracked the economic freedoms of every nation on Earth. The global findings are slightly improving as a group, but the U.S. has lost ground again on the survey, to an all-time low in the rankings. In short, the worldwide advance of economic freedom is not uplifting, and the U.S. is faltering.
The Index appraises countries based on several economic factors, including the Rule of Law, the size and growth of government, regulatory efficiency, open markets, stable monetary systems with controlled debt, and the strength of property rights. It rates countries on a scale of 0 to 100, with a higher score indicating greater economic freedom. The scores of each nation are then ranked against each other, with the highest score earning the #1 Ranking.
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Economic freedom refers to the extent to which individuals and businesses are free to engage in voluntary economic activities without undue interference or restrictions from the government or other external entities. The goal is to create an environment that allows individuals and businesses to pursue their economic interests, innovate, build wealth, and engage in voluntary exchanges, ultimately leading to increased prosperity and overall economic growth. High levels of economic freedom are strongly associated with democracy, human development, a higher quality of life, and poverty reduction.
In the first few years the Index was published, the U.S. was consistently ranked in 3rd or 4th place among nations. But over the last 14 years, there has been a steady downward trend in the U.S. ranking, so in 2023 it is ranked number 25. Taxes, regulations, runaway government spending, and increasing debt have knocked the U.S. lower. The top three rankings were Singapore, Switzerland, and Ireland.
For most of human history, individuals have lacked economic freedom and opportunity. They were condemned to deprivation and, often, poverty. But today, we live in very prosperous times in human history. We have seen ignorance, sickness, disease, and poverty receding worldwide in the last 75 years. The major reason? Advances in economic freedom, which have brought greater prosperity. We are healthier and happier, enjoy cleaner environments, and increased per-capita wealth. Economic freedom has prevented wars and lifted billions by their bootstraps.
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Perhaps the greatest champion of economic growth and capitalism was Scotland’s Adam Smith and his magnum opus,
“The Wealth of Nations”. The U.S. legacy media has largely chosen to ignore it, but Smith did not trust government and pointed out that “only economic growth can raise living standards.” He demonstrated to the world how to reduce poverty, showed the world’s nations that only economic growth can push people out of poverty, and that “the most important condition for that is economic freedom.”
Many countries are leaping ahead of the U.S. economy because they have created policies that strengthen economic freedom. Ironically, these policies propelled the U.S. economy in the past to be the most powerful on Earth. Countries that have experimented with milder forms of socialism have also made impressive moves into enhanced economic freedom, but only when they have, at the same time, introduced open market reforms, private property, and competition. And yet, it is a shocking and avoidable human tragedy how many people in the world remain unfree and poor.
If the U.S. continues pursuing policies contrary to its own economic growth and traditional values and does not stop its spending, it is headed toward tragedy also. Farsighted and straight-thinking people know America needs a drastic change in direction.
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