Economic Freedom
Part I. Introduction
It has become apparent in recent years that the issue of vast globalization, economic development and its impact on various aspects of state wellbeing is the one that needs to be looked at very carefully. Moreover, direct investments into the country’s development and as a result improved quality of life are an additional incentive to increase the economic freedom level. Throughout the centuries scholars and economists have argued on whether economic freedom based on private property and free markets is the only beneficial and effective form of economy formation or centralized system of governing is better. Myriad researches have been brought to public, however, our group believes economic freedom is currently in increasing phase of its development, and thus should be thoroughly examined and reviewed basing on country background and scores obtained. This, in our view, will help to accelerate the wellbeing of Kazakhstan and possibly attract additional cash inflows from external market players. The paper will examine the issue of economic freedom and indices it defines in more details, will cover all the aspects included in consideration of the latter concept and will try to assess the relationship between economic freedom and potential investments rise.
Brief definition of basic concepts
In order to be in line with the topic and understand it deeply, below we present some underlying definitions of basic concepts that will be used throughout the paper. The classic definition of economic freedom and its index is outlined below:
“Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others”
James Gwartney and Robert Lawson
Economic Freedom of the World: 1996 Annual Report
As obtained from www.economicfreedom.org, “economic
It has become apparent in recent years that the issue of vast globalization, economic development and its impact on various aspects of state wellbeing is the one that needs to be looked at very carefully. Moreover, direct investments into the country’s development and as a result improved quality of life are an additional incentive to increase the economic freedom level. Throughout the centuries scholars and economists have argued on whether economic freedom based on private property and free markets is the only beneficial and effective form of economy formation or centralized system of governing is better. Myriad researches have been brought to public, however, our group believes economic freedom is currently in increasing phase of its development, and thus should be thoroughly examined and reviewed basing on country background and scores obtained. This, in our view, will help to accelerate the wellbeing of Kazakhstan and possibly attract additional cash inflows from external market players. The paper will examine the issue of economic freedom and indices it defines in more details, will cover all the aspects included in consideration of the latter concept and will try to assess the relationship between economic freedom and potential investments rise.
Brief definition of basic concepts
In order to be in line with the topic and understand it deeply, below we present some underlying definitions of basic concepts that will be used throughout the paper. The classic definition of economic freedom and its index is outlined below:
“Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others”
James Gwartney and Robert Lawson
Economic Freedom of the World: 1996 Annual Report
As obtained from www.economicfreedom.org, “economic