U.S. Has Less Economic Freedom Than Chile, Jordan, or Taiwan
By Lawrence J. McQuillan, The Independent Institute
Today, the Fraser Institute in Vancouver, Canada, released the 2015 Economic Freedom of the World report (pdf) and it’s bad news for the United States, where economic freedom is falling. The U.S. ranks only 16th in economic freedom trailing Chile, Jordan, and Taiwan.
The EFW report measures the level of economic freedom in 157 countries by gathering country-specific data on 42 distinct variables in five broad categories: (1) size of government, i.e., taxes and spending; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labor, and business.