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1. Hong Kong
3. New Zealand
10. United Kingdom
178. North Korea
172. Rep. of Congo
170. Equatorial Guinea
Q.3. How do you measure economic freedom?
We measure economic freedom based on 10 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom:
Rule of Law (property rights, freedom from corruption);
Limited Government (fiscal freedom, government spending);
Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and
Open Markets (trade freedom, investment freedom, financial freedom).
Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100. A country’s overall score is derived by averaging these ten economic freedoms, with equal weight being given to each.
The top 10 jurisdictions in order were Hong Kong, Switzerland, Finland, Denmark, New Zealand, Canada, Australia, Ireland, the United Kingdom, and Sweden.
The index published here presents a broad measure of human freedom, understood as the absence of coercive constraint. It uses 76 distinct indicators of personal and economic freedom in the following areas:
Rule of Law
Security and Safety
Association, Assembly, and Civil Society
Size of Government
Legal System and Property Rights
Access to Sound Money
Freedom to Trade Internationally
Regulation of Credit, Labor, and Business
Economic freedom has been shown in numerous peer-reviewed studies to promote prosperity and other positive outcomes. It is a necessary condition for democratic development. It liberates people from dependence on government in a planned economy, and allows them to make their own economic and political choices. For information on the effects of economic freedom, please see papers.