Think Tanks Measure Global Economic Freedom … the U.S. Declines

From The Center for Vision & Values, Grove City College

By Alejandro Antonio Chafuen

Editor’s note: This article first appeared at Forbes.com under the title, “Why does the U.S. economy sag? Look no further than the number 17.”

The significant efforts in recent years to measure economic freedom did not come from universities.  They came from think tanks. These efforts are a powerful proof that think tanks are an essential institution in civil society. More than that, the “freedom truths” they affirm are vital for the world and the United States. This is crucial information that we all need to know.

The two main efforts to document the benefits of economic freedom have been led by think tanks—namely, the Fraser Institute and Heritage Foundation.

Heritage Foundation: US No Longer a 'Free' Country

The Heritage Foundation has released the 2010 Index of Economic Freedom, which measures the various types of fiscal and economic freedoms (such as business freedom, fiscal freedom, free trade and property rights) in 138 countries. For the first time, the United States has fallen from the ranks of "economically free" countries to "mostly free," behind Canada and just above Denmark and Chile.

The nation's preeminent conservative think tank attributes the U.S. decline in freedom to "notable decreases in financial freedom, monetary freedom, and property rights."

Here is a look at the top 10 most free economies in the world:

1. Hong Kong
2. Singapore
3. Australia
4. New Zealand
5. Ireland
6. Switzerland
7. Canada
8. United States
9. Denmark
10. Chile