Global economic freedom may well have passed its zenith
Last week, the Fraser Institute, a Canadian think tank, released the 24th edition of its annual Economic Freedom of the World (EFW) report. The publication found that global economic freedom in 2018 (the most recent year data is available) reached an all-time high. Although the United Kingdom’s score has steadily declined since its high in 2000 and fell to 13th place this year – down from 8th last year – the global increase in economic freedom is great news for humanity. As previously noted in CapX, freer economies tend to be richer, grow faster, be more equal, and have longer life expectancies than their less free counterparts.
Despite the positive news, two concerning developments look likely to derail this progress. Namely, the policy response to COVID-19 that has put more and more of the global economy into the hands of the government, and the recent events that have seen Hong Kong put thoroughly under the thumb of the freedom-hating Chinese Communist Party (CCP).
To read the full article on the IEA blog, click here. This article was co-written with Fred McMahon, Resident Fellow and holder of the Dr. Michael A. Walker Chair in Economic Freedom at the Fraser Institute.