Law, Business, and Society 9th Edition by Tony McAdams

Exercise 24

The Heritage Foundation and The Wall Street Journal jointly publish the annual global Index of Economic Freedom. In general, the nations that have been most successful in increasing their economic freedom (by reducing taxes and so forth) have enjoyed the highest rates of economic growth. When the Index was first published in 1995, the United States ranked fifth in the world, and it ranked fourth in 2007. Hong Kong ranked first in 2007, while 12 of the 20 "freest" economies were European, with the United Kingdom and Ireland topping that group. 78
a. What is economic freedom
b.The Heritage Foundation lists 10 factors including, for example, business freedom, in its list of ingredients in measuring economic freedom. In addition to business freedom, what other factors would you include in a list designed to measure a nation's level of overall economic freedom
c.How does economic freedom help an economy grow