Every day, men and women around the globe go to work, each with the same goal, to prosper. But what's not the same is the degree of economic freedom each country offers to its people. Every year the Heritage Foundation ranks almost every country by its economic freedom, and the results are pretty interesting.
The index uses data from sectors like business, trade, governance, and policy to generate a score, with 100 being the most free. Countries that score high are those that have a business-friendly tax code and governments that encourage innovation and entrepreneurship. In addition to enjoying higher levels of financial prosperity, people in these free societies live longer, have better health, are more educated, and surprisingly, are better protectors of the environment. So why does all this matter?
It turns out that while there is no single solution to the world's major challenges, economic freedom can have a powerful effect on improving society. Our data shows that the five freest economies in each region are significantly more prosperous than the five least free. Every year's index confirms this point, showing that countries that score higher on the index also perform higher in three key areas.
Income per capita, social progress, and democratic governance. Economic freedom is not just about data and rankings. It's about empowering people to choose their path in life.
And while the principles of economic freedom serve as a sure guide, they are nonetheless only a guide. What truly will matter in the years to come are the creative solutions to pressing world problems that are certain to flow from people who are truly free to choose. Go to heritage.org slash index to dive deeper into this year's findings.