Free markets and private properties are much talked about. But the phrase economic freedom definitely gives rise to policy debates. This is a list of the top 10 countries based on the ‘2013 Index of Economic Freedom’ by The Heritage Foundation in partnership with the Wall Street Journal.
The index has measured economic freedom based on four broad categories: Rule of law, limited government, regulatory efficiency and open markets.
India is ranked at 119 with an overall score of 55.2 for its economic freedom.
1. Hong Kong
With a score of 89.3, Hong Kong aces the list of the most economically free nations in the world.
Property Rights: 90.0
Freedom From Corruption: 84.0
Government Spending: 88.9
Fiscal Freedom: 92.9
Business Freedom: 98.9
Labor Freedom: 86.2
Monetary Freedom: 82.1
Trade Freedom: 90.0
Investment Freedom: 90.0
Financial Freedom: 90.0
(Photo: ThinkStock)
2. Singapore
Singapore’s overall score of 88.0 for its economic freedom gives it the second rank worldwide.
Property Rights: 90.0
Freedom From Corruption: 92.0
Government Spending: 91.3
Fiscal Freedom: 91.1
Business Freedom: 97.1
Labor Freedom: 91.4
Monetary Freedom: 82.0
Trade Freedom: 90.0
Investment Freedom: 75.0
Financial Freedom: 80.0
(Photo: ThinkStock)
3. Australia
The overall score for Australia’s economic freedom is 82.6
Property Rights: 90.0
Freedom From Corruption: 88.0
Government Spending: 62.8
Fiscal Freedom: 66.4
Business Freedom: 95.5
Labor Freedom: 83.5
Monetary Freedom: 83.8
Trade Freedom: 86.2
Investment Freedom: 80.0
Financial Freedom: 90.0
(Photo: ThinkStock)
4. New Zealand
New Zealand’s overall score for its economic freedom is 81.4
Property Rights: 95.0
Freedom From Corruption: 95.0
Government Spending: 33.2
Fiscal Freedom: 71.5
Business Freedom: 99.9
Labor Freedom: 89.5
Monetary Freedom: 83.3
Trade Freedom: 86.8
Investment Freedom: 80.0
Financial Freedom: 80.0
(Photo: Getty Images)
5. Switzerland
Ranked at number five, Switzerland’s overall score for its economic freedom is 81.0
Property Rights: 90.0
Freedom From Corruption: 88.0
Government Spending: 63.8
Fiscal Freedom: 68.1
Business Freedom: 75.8
Labor Freedom: 87.9
Monetary Freedom: 86.2
Trade Freedom: 90.0
Investment Freedom: 80.0
Financial Freedom: 80.0
(Photo: ThinkStock)
6. Canada
Canada has an overall score of 79.4 making it the sixth most-free economy.
Property Rights: 90.0
Freedom From Corruption: 87.0
Government Spending: 44.8
Fiscal Freedom: 79.8
Business Freedom: 91.7
Labor Freedom: 82.3
Monetary Freedom: 75.2
Trade Freedom: 88.2
Investment Freedom: 75.0
Financial Freedom: 80.0
(Photo: Getty Images)
7. Chile
Chile scored an overall of 79.0 for its economic freedom.
Property Rights: 90.0
Freedom From Corruption: 72.0
Government Spending: 83.7
Fiscal Freedom: 77.6
Business Freedom: 70.5
Labor Freedom: 74.2
Monetary Freedom: 84.6
Trade Freedom: 82.0
Investment Freedom: 85.0
Financial Freedom: 70.0
(Photo: ThinkStock)
8. Mauritius
Mauritius’ overall score of 76.9 for its economic freedom gives it the eighth rank worldwide.
Property Rights: 70.0
Freedom From Corruption: 51.0
Government Spending: 81.9
Fiscal Freedom: 92.1
Business Freedom: 78.2
Labor Freedom: 72.3
Monetary Freedom: 75.4
Trade Freedom: 87.9
Investment Freedom: 90.0
Financial Freedom: 70.0
(Photo: ThinkStock)
9. Denmark
Ranked at number nine, Denmark scored an overall 76.1 for its economic freedom.
Property Rights: 90.0
Freedom From Corruption: 94.0
Government Spending: 5.9
Fiscal Freedom: 39.8
Business Freedom: 98.4
Labor Freedom: 91.1
Monetary Freedom: 80.0
Trade Freedom: 86.8
Investment Freedom: 85.0
Financial Freedom: 90.0
(Photo: ThinkStock)
10. United States
Ranked at number ten, United States’ overall score for its economic freedom is 76.0
Property Rights: 85.0
Freedom From Corruption: 71.0
Government Spending: 47.8
Fiscal Freedom: 69.3
Business Freedom: 90.5
Labor Freedom: 95.5
Monetary Freedom: 75.0
Trade Freedom: 86.4
Investment Freedom: 70.0
Financial Freedom: 70.0
(Photo: Reuters Pictures)
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