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Relationship Between Economic Freedom and Variations in Wealth

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Relationship Between Economic Freedom and Variations in Wealth
Hayes
GB 540 Economics for Global Decision Makers
Week Two
Dr.: Barbara-Leigh Tonelli
May 8, 2012

Relationship between Economic Freedom and Variations in Wealth The 2012 Index of Economic Freedom, indicates that the least government interaction with the economy of the country, the more freedoms that are provided to the individuals in country provides the individuals the most opportunity for individual wealth and prosperity (Index of Economic Freedom, 2012). Based on the information provided by the 2012 Index of Economic Freedom, the least governmental interactions with the economy, the more freedoms provided to the country the more opportunities for wealth and prosperity. (Index of Economic Freedom, 2012) The Index of Economic Freedom brings to light that the fact that Economic Freedom has direct implications to a counties wealth. Reviewing the countries on the list clearly indicates that if a government limits involvement in economic activities, it maximizes opportunities for individuals to reach their potential, as stated by (Daniels, 2008). Therefore too much government interference impedes mutually beneficial interactions and transactions that occur on a daily basis. These are the transactions that are needed to increase productivity and ultimately lead to growth as stated by (Daniels, 2008).
Economic freedom is defined as the application of political freedom. It is where individuals are allowed to choose their thoughts and actions and they are free from coercion. However, in the Economic realm it means that economic freedom is the freedom to produce goods and services based on one’s own judgment, unrestrained as stated by (Daniels, 2008). The individual must be free to acquire and dispose of private property, enter into contractual relationships.
In order to implement freedom society requires the identifications of and protection of all rights of an individual and government being a protector of those rights. As stated by () the


References: Daniels, E (2008) Economic Freedom in America: What is Economic Freedom? Capitalism Magazine, Retrieved: http://capitalismmagazine.com/2008/10/economic-freedom-in-america-what-is-economic-freedom/, 5/8/2012. ------------------------------------------------- Index of Economic Freedom (2012), the Heritage Foundation Leadership for America,
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