| At the Committee to Unleash Prosperity we are asked by politicians, CEOs, and the media on an almost daily basis: How do we get more economic growth?
That’s the easiest of all economic questions to answer. Economic freedom – low tax rates, sound money, rule of law, free trade, private property, private production, and limited government – leads to greater prosperity. Period. Hard stop. The Heritage Foundation has just issued its indispensable international Index of Economic Freedom for 2023. This chart shows the powerful correlation between freedom and growth.
Countries that are mostly free are 10 times richer per person than the most socialistic nations and three times richer than nations with average freedom. Economic freedom had been trending upward over the last two decades, but since COVID hit, freedom has fallen – and so has economic growth. |
