Economic Freedom

AFPF Academy

60 years later:

Live 14.7 years longer

Earn 14.7 times higher income

Spend 1467 times more on health care

Use 10 times more electricity

91% less likely to die in infancy

Have 40% fewer children

Where do you live?

Economic Freedom: A Case Study

South Korea

2012 Index of Economic Freedom (Heritage)10 factors examined:

Business freedom Trade freedom Fiscal freedom Government spending Monetary freedom Investment freedom Financial freedom Property rights Freedom from corruption Labor freedom

Annual Report: Economic Freedom of the World(The Fraser Institute)

A 30,000-foot view:

170.Guinea, Equatorial171.Iran172.Congo, Democratic

Republic173.Burma174.Venezuela175.Eritrea176.Libya177.Cuba178.Zimbabwe179.North Korea

1. Hong Kong (89.9)2. Singapore (87.5)3. Australia (83.1)4. New Zealand (82.1)5. Switzerland (81.1)6. Canada (79.9)7. Chile (78.3)8. Mauritius (77.0)9. Ireland (76.9)10.United States

(76.3)

Life Expectancy:Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e50

55

60

65

70

75

80

85

59.9

67.872.3

79.3

Life Expectancy at Birth, 2008The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.10.

Wealth…Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$3,858 $7,188

$14,659

$32,744

Income per CapitaGDP per Capita, 2008The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.6.

Least Free Third Second Most Free1.90%

2.00%

2.10%

2.20%

2.30%

2.40%

2.50%

2.60%2.47%

2.19%2.27%

2.58%

Income Share of the Poorest 10%:

The Fraser Institute Foundation, Economic Freedom of the World2007 Annual Report, Exhibit 1.12

Income Level of the Poorest 10%:

Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e$0

$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000

$910 $1,792

$3,334

$8,474

Average Income Earned by the Poorest 10%, 2008The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.9.

Corruption:Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e2

3

4

5

6

7

8 7.46.5

5.7

2.6

Corruption Perceptions Index, 2008-09The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.12. Inverted for display.

Political Rights & Civil Liberties:

Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e2

3

4

5

6

2.73.6

4.75.4

Political Rights & Civil Liberties

Political Rights/Civil Liberties Index, 2008The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.13. Inverted for display.

Happiness!Most Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e4

5

6

7

8

4.7

5.96.3

7.5

Life Satisfaction Index, 2008The Fraser Institute Foundation, Economic Freedom of the World.2010 Annual Report, Exhibit 1.11.

Infant MortalityMost Free: Least Free:

1. Hong Kong 170. Guinea, Equatorial

2. Singapore 171. Iran

3. Australia 172. Congo, Democratic Republic

4. New Zealand

173. Burma

5. Switzerland

174. Venezuela

6. Canada 175. Eritrea

7. Chile 176. Libya

8. Mauritius 177. Cuba

9. Ireland 178. Zimbabwe

10. United States

179. North Korea

Leas

t Fre

e

Third

Seco

nd

Mos

t Fre

e0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%

7.00%

4.20%

2.20%

1.00%

The Fraser Institute Foundation, Economic Freedom of the World2007 Annual Report, Exhibit 1.12

Child Labor, Unemployment,& Homicide:

Least Free

Third Second Most Free

0%2%4%6%8%

10%12%14%16%18%20%

19%

12%

4%

1%

13%11% 11%

6%

Child Labor † Unemployment ‡

†Percentage of children (Ages 10-14) in Labor Force, 2006The Fraser Institute Foundation, Economic Freedom of the World.2006 Annual Report, Exhibit 1.11.

‡Total unemployment (% of total labor force), 2003The Fraser Institute Foundation, Economic Freedom of the World.2006 Annual Report, Exhibit 1.8

Shows clearly that

economic freedom is a pre-

condition for the

development of prosperity!

Take Home of the Index:

Source: Holmes, K.R. Economic Freedom as a Human Right

America’s Perspective:

2000Hong KongSingaporeUnited StatesSwitzerlandNew ZealandUnited KingdomIrelandCanadaNetherlandsAustralia

2008Hong KongSingaporeNew ZealandChileSwitzerlandUnited StatesUnited KingdomIrelandCanadaNetherlands

2012Hong KongSingaporeAustraliaNew Zealand SwitzerlandCanadaChileMauritiusIrelandUnited States

Economic Freedom of the World 2012 Annual Report by Fraser Institute

SPENDING…

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“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed down for them to do the same, or one day we will spend our sunset years telling our children and our children’s children what it was once like in the United States where men were free.”–Ronald Wilson Reagan