Since 1995, The Heritage Foundation’s Index of Economic Freedom has tracked the progress of economic freedom around the world and measured the tangible impact of expanding economic liberty.
Three charts released in conjunction with this year’s U.S. launch of the index highlight some of the abundant fruits economic freedom brings to people fortunate enough to live in countries where it is cultivated.
1. Nations with greater economic freedom have stronger economies, with higher gross domestic product per person.
2. Citizens in countries that are economically free enjoy twice as much formal education on average as those in economically repressed nations.
3. Free trade is a key element of economic freedom. Countries that embrace free trade enjoy more prosperity as a result.
The U.S. launch Monday of the 2018 Index of Economic Freedom was a reminder that greater economic freedom creates real and dynamic benefits for both individuals and societies.
There is no single formula for overcoming challenges to economic development and maintaining prosperity, but one thing is clear: Around the world, governments that respect and promote openness and free markets provide greater opportunities for innovation and progress, ultimately leading to greater human flourishing.