Hong Kong is at the top of the class in economic freedom and among the most prosperous in the world. Just note the change between 1980 and 2017: 255 percent increase in GDP per capita on PPP basis. Singapore, thanks to Lee Kuan Yew, did even better: #2 in economic freedom ranking, its GDP pc increased over 3x. Here’s a graphic illustration of the correlation between economic freedom and prosperity. The causal link is from freedom to prosperity.
Venezuela, much beloved of socialists like Bernie Sanders, went from moderately well-off to desperate poverty in the same period thanks to socialism. I note in passing that India was declared a socialist country by Indira Gandhi, and it shows.
Click on the image above to get to the Washington Times article by Richard W. Rahn. Quote from the article:
Socialism elevates the “collective” over the individual, which by definition requires destroying individual liberty. Under socialism, the individual is usually required to hand over (by force if necessary) an ever-increasing share of his or her work product to the state or its agents. Individual action, including speech and belief, is restricted anyplace it runs afoul of the state-sanctioned collectives.
It’s all karma, neh?
5 thoughts on “Economic Freedom and Well-being”
I was looking at the full report and the data tables. https://www.fraserinstitute.org/sites/default/files/economic-freedom-of-the-world-2019.pdf
It’s rather difficult to get a better sense of the scoring and metrics. What blows my mind is a ranking of India at 59 in 1980, to 79 now? I know rankings are relative, so it can mean way more countries were messed up and repressed in 1980. But I doubt it, given the socialist shithole India was in 1980.
A good metaphor to understand Indian economic freedom is the growing and sale of sandalwood. Stupid restrictions created by the barbarian Tipu Sultan. Continued by the British. Perfected by “independent” India. A stunted population in every way.
“A stunted population in every way.” I wish I could disagree with your assessment. But I can’t. India is huge, and its failure to develop is distressing, to say the least. It’s just bad luck.
China (113) is behind India (79), Namibia(106) and Nepal (110).
Have the laws of economics changed, or are the Chinese somehow different?
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