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How to create growth: The benefit of economic freedom to citizens in Europe and around the world<br />Prof. Edward Peter S...
What Explains Growth?<br />Is it Resources? Location? Democracy? Or ……<br />
North Korea vs. South Korea<br />Per Capita Income<br /> = $1,800<br />Per Capita Income<br /> = $24,200<br />
Adam Smith’s Question:Why Are Some Countries Rich and Others Poor?<br />An Inquiry into the Nature and Causes of the Wealt...
Economic Freedom<br />Economic Freedom means that people are free to trade with others, compete in markets, buy what they ...
Measuring Economic Freedom<br /><ul><li>Economic freedom is complex and multidimensional, but it can be measured:
Personal choice
Freedom to trade, domestically and abroad.
Freedom to enter and compete in markets.
Security of Property/Rule of Law</li></li></ul><li>Negative v. Positive Rights<br /><ul><li>Negative “freedom from” rights.
Individuals may all simultaneously enjoy such rights.
No individual owes anyone else anything except the promise not to interfere with him/her.
John Locke and others
Positive “freedom to do or have” rights.
Individuals may not all simultaneously enjoy such rights as such rights imply a claim by one person on the time and talent...
AmartyaSen’sFreedom as Development</li></li></ul><li>Alternative Views of EF<br /><ul><li>No country perfectly conforms to...
Rothbard  Friedman  Keynes  Marx
“Institutional Quality” or “Social Capital”
Barro, Hall and Jones.</li></li></ul><li>Is Economic Freedom a good?<br /><ul><li>We want to measure EF for the same reaso...
However, like the production of all goods, there are tradeoffs.
Achieving more EF may mean the sacrifice of other social goals (e.g., equality)
The index is designed to measure EF.  It does not, and cannot, determine the optimal level of freedom.  This is a value ju...
Still, having the index will help us evaluate those tradeoffs.</li></li></ul><li>Motivation<br />The key to changing polic...
Economic Freedom of the World Project<br />Objective: find a way to measure economic freedom and explore the connection be...
What is the Economic Freedom of the World Index?<br /><ul><li>An annual compilation of data representing factors which mak...
Authors: James Gwartney, Robert Lawson, and Walter Block
A compendium of 42 government policies affecting economic freedom based on objective data or independent surveys
A ranking of  141 countries representing 95% of the world’s population according to the extent to  which they permit their...
Now a collaboration of Institutes in 76 different nations and territories</li></li></ul><li>Components of the Economic Fre...
5 Areas of Economic Freedom of the World (EFW) Index<br />Size of Government: Expenditures, Taxes, and Enterprises <br />L...
Area 1: Size of Government<br />Government Consumption (% of C)<br /><ul><li>E.g., France’s G/(G+C) = 29.9%
(Vmax-Vi)/(Vmax-Vmin)*10
(40-29.9)/(40-6)*10 = 3.0</li></ul>B.  Transfers & Subsidies (% of GDP)<br />C.  Government Investment (% of I) & Governme...
Area 2: Legal Structure and Security of Property Rights<br />A.  Judicial Independence (GCR)<br />B.  Impartial Courts (GC...
Area 3: Access to Sound Money<br />A. Money Growth (minus economic growth)<br />B.  Inflation Variability (st. dev. of inf...
Area 4: Freedom to Exchange with Foreigners<br />A. Taxes on International Trade (3 sub-components)<br />B. Regulatory Tra...
Area 5: Regulation<br />A. Credit Market Regulations (5 sub-components)<br />B. Labor Market Regulations (5 sub-components...
A Quick Tour of The World<br />Photos are compiled by RusselSobel, Ph.D.<br />
Example 1<br />A country with VERY LOW economic freedom<br />
Families in Guinea-Myanmar<br />
Relief efforts in Guinea-Myanmar<br />26<br />
Example 2<br />A country with LOW economic freedom<br />
Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Families in Romania<br />
Example 3<br />A Country with MEDIUM Economic Freedom<br />
India<br />
Families in India<br />
Families in India<br />
Example 4<br />Another Country with Medium Economic Freedom<br />
Mexico<br />
Families in Mexico<br />
Families in Mexico<br />
Example 5<br />A Country with HIGH Economic Freedom<br />
Hong Kong<br />
Families in Hong Kong<br />
Families in Hong Kong<br />
Families in Hong Kong<br />
Overall Economic Freedom Index and the Top 10<br />Source: The Fraser Institute.<br />
Overall Economic Freedom Index and the Bottom Ten<br />Source: The Fraser Institute.<br />
Why is Economic Freedom Important?<br />Economic rights are fundamental rights in the sense that without them there can be...
The impact on economic growth and development<br />
Income (per person) of the Bottom Ten<br />Sources:  The Fraser Institute; The World Bank, World Development 	Indicators, ...
Income (per person) of the Top 10<br />Sources:  The Fraser Institute; The World Bank, World Development 	Indicators, 	200...
Per Capita Income and Economic Freedom Quartile<br />Least Free ………………... Most Free<br />Sources:  The Fraser Institute; T...
Foreign Direct Investment and Economic Freedom Quartile<br />Least Free ……………...…... Most Free<br />Sources:  The Fraser I...
Economic freedom and economic growth have bestowed benefits across all levels of society<br />59<br />
Our Homes<br />Percent of homes with Heating & Air Conditioning<br />	1956	= 6%			1996 = 81%<br />Percent of homes with on...
And They are Better: Our Showers<br />
Our Cars<br />We now have DVD players, Air Conditioning, Anti-lock Brakes, Power windows<br />
Our Phones<br />
Our Entertainment<br />
Our Science<br />
Our Computers<br />
Our Medicine<br />
Our Music<br />
But what about the poor?<br />69<br />
Economic Freedom,the Poor, andInequality<br />
Income Share of the Poorest 10% and Economic Freedom<br />Least Free …………….. Most Free<br />Sources:  The Fraser Institute...
Income Level of the Poorest 10% and Economic Freedom<br />73<br />Least Free …………….. Most Free<br />Sources:  The Fraser I...
A free society also has no barriers to getting rich<br />University of Michigan Panel Survey on Income Dynamics data show ...
The impact of Economic Freedom on the UN’s Human Development Index and other indicators of well-being<br />
Human Development Index and Economic Freedom QuartilesHigher ratings indicate higher levels of development<br />Least Free...
Life Expectancy at Birth and Economic Freedom Quartiles<br />Least Free   …………….  Most Free<br />Sources:  The Fraser Inst...
Infant Mortality and Economic Freedom Quartile<br />Least Free ………..………. Most Free<br />Sources:  The Fraser Institute; Th...
% of Population Using Improved Water Sources<br />Least Free ………………... Most Free<br />Sources:  The Fraser Institute; The ...
Environmental Performance and Economic Freedom QuartileHigher ratings indicate higher levels of environmental performance<...
Can a nation improve their level of economic freedom?<br />81<br />
Economic Freedom Over Time<br />Source: The Fraser Institute.<br />
Case Study: Zimbabwe<br /><ul><li>Legal Structure/Property Rights rating has fallen to 3.7 from 5.5.
Annual inflation has increased to 349% from 6.5%.
Foreign currency bank accounts are illegal.
Tariff rates increased to 16.7% from 8.7%.
Price control rating = 0.0!</li></ul>GDP per capita growth, 1995-2005 = -3.43%<br />
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Free Market Road Show 2011 /Edward Stringham/

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Konzervatívny inštitút M. R. Štefánika v partnerstve s Friedrich August von Hayek Institut, Austrian Economics Center, ECEG a s podporou ďalších partnerov organizoval v Bratislave dňa 13. mája 2011 medzinárodnú konferenciu v rámci Free Market Road Show 2011 na tému Budúcnosť Európy. Viac na www.konzervativizmus.sk

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Transcript of "Free Market Road Show 2011 /Edward Stringham/"

  1. 1. How to create growth: The benefit of economic freedom to citizens in Europe and around the world<br />Prof. Edward Peter Stringham<br />Hackley Distinguished Professor for the<br />Study of Capitalism and Free Enterprise<br />Fayetteville State University<br />North Carolina, United States<br />1<br />
  2. 2. What Explains Growth?<br />Is it Resources? Location? Democracy? Or ……<br />
  3. 3. North Korea vs. South Korea<br />Per Capita Income<br /> = $1,800<br />Per Capita Income<br /> = $24,200<br />
  4. 4. Adam Smith’s Question:Why Are Some Countries Rich and Others Poor?<br />An Inquiry into the Nature and Causes of the Wealth of Nations (1776)<br /><ul><li>Policies and the system of economic organization (e.g., capitalism) matter more than things such as resources, geography, education, democracy, etc.</li></li></ul><li>The Great Debate: Smith v. Marx<br />Adam Smith (1723-1790)<br /><ul><li>Advocated a system of “natural liberty”: individual pursuit of self interest in markets (not selfishness), free trade and limited government involvement.</li></ul>Karl Marx (1818-1883)<br /><ul><li>Advocated socialism/communism: collective/govenment ownership/control of resources, central planning.</li></li></ul><li>
  5. 5. Economic Freedom<br />Economic Freedom means that people are free to trade with others, compete in markets, buy what they want, earn a living in a job they choose, keep what they earn, and own things privately.<br />
  6. 6. Measuring Economic Freedom<br /><ul><li>Economic freedom is complex and multidimensional, but it can be measured:
  7. 7. Personal choice
  8. 8. Freedom to trade, domestically and abroad.
  9. 9. Freedom to enter and compete in markets.
  10. 10. Security of Property/Rule of Law</li></li></ul><li>Negative v. Positive Rights<br /><ul><li>Negative “freedom from” rights.
  11. 11. Individuals may all simultaneously enjoy such rights.
  12. 12. No individual owes anyone else anything except the promise not to interfere with him/her.
  13. 13. John Locke and others
  14. 14. Positive “freedom to do or have” rights.
  15. 15. Individuals may not all simultaneously enjoy such rights as such rights imply a claim by one person on the time and talents of another.
  16. 16. AmartyaSen’sFreedom as Development</li></li></ul><li>Alternative Views of EF<br /><ul><li>No country perfectly conforms to the free-market ideal—all economies are mixed economies.
  17. 17. Rothbard  Friedman  Keynes  Marx
  18. 18. “Institutional Quality” or “Social Capital”
  19. 19. Barro, Hall and Jones.</li></li></ul><li>Is Economic Freedom a good?<br /><ul><li>We want to measure EF for the same reason we want to measure GDP: Freedom is a good. People appear to want more of it, ceteris paribus.
  20. 20. However, like the production of all goods, there are tradeoffs.
  21. 21. Achieving more EF may mean the sacrifice of other social goals (e.g., equality)
  22. 22. The index is designed to measure EF. It does not, and cannot, determine the optimal level of freedom. This is a value judgment.
  23. 23. Still, having the index will help us evaluate those tradeoffs.</li></li></ul><li>Motivation<br />The key to changing policy in the world is changing the climate of opinion about what works and what does not work in encouraging world development<br />The key to changing the climate of opinion is providing the widest possible audience with good information about the causes of development and under-development<br />
  24. 24. Economic Freedom of the World Project<br />Objective: find a way to measure economic freedom and explore the connection between it and other indicators<br />20 year project <br />Led by the late Milton Friedman, Rose Friedman and Michael Walker<br />Involved 60 of the world’s top scholars, including three Nobel Laureates: Milton Friedman, Douglass North, and Gary Becker<br />
  25. 25. What is the Economic Freedom of the World Index?<br /><ul><li>An annual compilation of data representing factors which make a country economically free
  26. 26. Authors: James Gwartney, Robert Lawson, and Walter Block
  27. 27. A compendium of 42 government policies affecting economic freedom based on objective data or independent surveys
  28. 28. A ranking of 141 countries representing 95% of the world’s population according to the extent to which they permit their citizens to be economically free
  29. 29. Now a collaboration of Institutes in 76 different nations and territories</li></li></ul><li>Components of the Economic Freedom of the World Index<br />Size of government and taxation<br />Private property and the rule of law<br />Soundness of money<br />Trade regulation and tariffs<br />Regulation of business, labour and capital markets<br />
  30. 30. 5 Areas of Economic Freedom of the World (EFW) Index<br />Size of Government: Expenditures, Taxes, and Enterprises <br />Legal Structure and Security of Property Rights <br />Access to Sound Money <br />Freedom to Trade Internationally <br />Regulation of Credit, Labor, and Business<br />
  31. 31. Area 1: Size of Government<br />Government Consumption (% of C)<br /><ul><li>E.g., France’s G/(G+C) = 29.9%
  32. 32. (Vmax-Vi)/(Vmax-Vmin)*10
  33. 33. (40-29.9)/(40-6)*10 = 3.0</li></ul>B. Transfers & Subsidies (% of GDP)<br />C. Government Investment (% of I) & Government Enterprises<br />D. Marginal Tax Rates (top rate & threshold-2 sub-components)<br />
  34. 34. Area 2: Legal Structure and Security of Property Rights<br />A. Judicial Independence (GCR)<br />B. Impartial Courts (GCR)<br />C. Protection of Intellectual Property (GCR)<br />D. Military Interference (ICRG)<br />E. Integrity of Legal System (ICRG)<br />
  35. 35. Area 3: Access to Sound Money<br />A. Money Growth (minus economic growth)<br />B. Inflation Variability (st. dev. of inflation)<br />C. Inflation Rate (recent annual rate)<br />D. Freedom to Own Foreign Currency Bank Accounts Domestically and Abroad<br />
  36. 36. Area 4: Freedom to Exchange with Foreigners<br />A. Taxes on International Trade (3 sub-components)<br />B. Regulatory Trade Barriers (2 sub-components)<br />C. Trade Sector Size (actual compared with expected)<br />D. Black Market Exchange Rates<br />E. Capital Market Controls (2 sub-components)<br />
  37. 37. Area 5: Regulation<br />A. Credit Market Regulations (5 sub-components)<br />B. Labor Market Regulations (5 sub-components)<br />C. Business Regulations (5 sub-components)<br />
  38. 38. A Quick Tour of The World<br />Photos are compiled by RusselSobel, Ph.D.<br />
  39. 39.
  40. 40. Example 1<br />A country with VERY LOW economic freedom<br />
  41. 41. Families in Guinea-Myanmar<br />
  42. 42. Relief efforts in Guinea-Myanmar<br />26<br />
  43. 43. Example 2<br />A country with LOW economic freedom<br />
  44. 44. Romania<br />
  45. 45. Families in Romania<br />
  46. 46. Families in Romania<br />
  47. 47. Families in Romania<br />
  48. 48. Families in Romania<br />
  49. 49. Families in Romania<br />
  50. 50. Families in Romania<br />
  51. 51. Families in Romania<br />
  52. 52. Families in Romania<br />
  53. 53. Families in Romania<br />
  54. 54. Example 3<br />A Country with MEDIUM Economic Freedom<br />
  55. 55. India<br />
  56. 56. Families in India<br />
  57. 57. Families in India<br />
  58. 58. Example 4<br />Another Country with Medium Economic Freedom<br />
  59. 59. Mexico<br />
  60. 60. Families in Mexico<br />
  61. 61. Families in Mexico<br />
  62. 62. Example 5<br />A Country with HIGH Economic Freedom<br />
  63. 63. Hong Kong<br />
  64. 64. Families in Hong Kong<br />
  65. 65. Families in Hong Kong<br />
  66. 66. Families in Hong Kong<br />
  67. 67. Overall Economic Freedom Index and the Top 10<br />Source: The Fraser Institute.<br />
  68. 68. Overall Economic Freedom Index and the Bottom Ten<br />Source: The Fraser Institute.<br />
  69. 69. Why is Economic Freedom Important?<br />Economic rights are fundamental rights in the sense that without them there can be no political or civil freedoms<br />They are a prerequisite for growth and development<br />They are a prerequisite for broader human development<br />
  70. 70. The impact on economic growth and development<br />
  71. 71. Income (per person) of the Bottom Ten<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  72. 72. Income (per person) of the Top 10<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  73. 73. Per Capita Income and Economic Freedom Quartile<br />Least Free ………………... Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  74. 74. Foreign Direct Investment and Economic Freedom Quartile<br />Least Free ……………...…... Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  75. 75. Economic freedom and economic growth have bestowed benefits across all levels of society<br />59<br />
  76. 76. Our Homes<br />Percent of homes with Heating & Air Conditioning<br /> 1956 = 6% 1996 = 81%<br />Percent of homes with only one bathroom<br /> 1956 = 71% 1996 = 9%<br />
  77. 77. And They are Better: Our Showers<br />
  78. 78. Our Cars<br />We now have DVD players, Air Conditioning, Anti-lock Brakes, Power windows<br />
  79. 79. Our Phones<br />
  80. 80. Our Entertainment<br />
  81. 81. Our Science<br />
  82. 82. Our Computers<br />
  83. 83. Our Medicine<br />
  84. 84. Our Music<br />
  85. 85. But what about the poor?<br />69<br />
  86. 86.
  87. 87. Economic Freedom,the Poor, andInequality<br />
  88. 88. Income Share of the Poorest 10% and Economic Freedom<br />Least Free …………….. Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  89. 89. Income Level of the Poorest 10% and Economic Freedom<br />73<br />Least Free …………….. Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  90. 90. A free society also has no barriers to getting rich<br />University of Michigan Panel Survey on Income Dynamics data show that of Americans in the bottom 20 percent income bracket in 1975, only 5.1 percent of them remained in that lowest income bracket by 1991. <br />In fact, 29 percent of the lowest fifth of income earners in 1975 had moved to the top 20 percent of income earners in 1991.<br />74<br />
  91. 91. The impact of Economic Freedom on the UN’s Human Development Index and other indicators of well-being<br />
  92. 92. Human Development Index and Economic Freedom QuartilesHigher ratings indicate higher levels of development<br />Least Free ……………. Most Free<br />Sources: The Fraser Institute; United Nations Development Programmme, Human Development Indicators 2008, available at http://hdr.undp.org/.<br />
  93. 93. Life Expectancy at Birth and Economic Freedom Quartiles<br />Least Free ……………. Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  94. 94. Infant Mortality and Economic Freedom Quartile<br />Least Free ………..………. Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  95. 95. % of Population Using Improved Water Sources<br />Least Free ………………... Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  96. 96. Environmental Performance and Economic Freedom QuartileHigher ratings indicate higher levels of environmental performance<br />Least Free ………..……….. Most Free<br />Sources: The Fraser Institute; The World Bank, World Development Indicators, 2008.<br />
  97. 97. Can a nation improve their level of economic freedom?<br />81<br />
  98. 98. Economic Freedom Over Time<br />Source: The Fraser Institute.<br />
  99. 99. Case Study: Zimbabwe<br /><ul><li>Legal Structure/Property Rights rating has fallen to 3.7 from 5.5.
  100. 100. Annual inflation has increased to 349% from 6.5%.
  101. 101. Foreign currency bank accounts are illegal.
  102. 102. Tariff rates increased to 16.7% from 8.7%.
  103. 103. Price control rating = 0.0!</li></ul>GDP per capita growth, 1995-2005 = -3.43%<br />
  104. 104. Case Study: Venezuela<br /><ul><li>Government consumption increased to 20.3% from 14.4%.
  105. 105. Transfers & subsidies increased to 15% from 2%.
  106. 106. Inflation remains high at 16%.
  107. 107. Foreign currency accounts restricted.
  108. 108. Military interference rating fallen to 0.8 from 5.6.</li></ul>GDP per capita growth, 1995-2005 = -0.36%<br />
  109. 109. Case Study: Ireland<br /><ul><li>Transfers & Subsidies fell to 11.7% from 21.8%.
  110. 110. Top marginal tax rates fell to 42% from 65%.
  111. 111. Tariff rate fell to 2.7% from 8.8 %.
  112. 112. Sound Money rating increased to 9.7 from 5.8.</li></ul>GDP per capita growth, 1995-2005 = 5.97%<br />
  113. 113. Case Study: Estonia<br /><ul><li>Transfers & Subsidies fell to 11.7% from 15.3%.
  114. 114. Inflation fell to 1.6% from 33.7%.
  115. 115. Credit market regulation rating increased to 9.7 from 4.3.
  116. 116. Legal Structure/Property Rights rating increased to 7.7 from 6.5.</li></ul>GDP per capita growth, 1995-2005 = 7.27%<br />
  117. 117. Case Study: Chile<br /><ul><li>Top marginal tax rates fell to 40% from 58%.
  118. 118. Tariff rate fell to 4.9% from 30%.
  119. 119. Inflation rate fell to 3.1% from 30.7%.
  120. 120. Capital market controls lifted.</li></ul>GDP per capita growth, 1995-2005 = 2.99%<br />
  121. 121. Case Study: China<br /><ul><li>Freer trade: tariffs reduced to 9.2% from 49.5%.
  122. 122. Capital market deregulation: rating improved to 6.5 from 0.0.
  123. 123. Note: China varies tremendously internally.</li></ul>GDP per capita growth, 1995-2005 = 8.21%<br />
  124. 124. Case Study: India<br /><ul><li>Government investment and SOEs are less important: The rating in this area increased to 8 from 0.
  125. 125. Tariffs have fallen to 17%. from 98.8%
  126. 126. Many capital market controls have been lifted.</li></ul>GDP per capita growth, 1995-2005 = 4.68%<br />
  127. 127. Case Study: Botswana<br /><ul><li>Improved monetary stability: 5.3 to 9.0 rating.
  128. 128. Fewer regulations: 5.9 to 7.6 rating.
  129. 129. Improved legal structure rating: 6.3 to 7.4 rating.</li></ul>GDP per capita growth, 1995-2005 = 6.14%<br />
  130. 130. GDP per capita by country<br />91<br />
  131. 131. Economic Freedom by Country<br />92<br />
  132. 132. Conclusions<br />Economic Freedomis associated with<br />Lower rates of homicide<br />Reduced poverty<br />Increased prosperity for rich and poor<br />
  133. 133. How to create growth: The benefit of economic freedom to citizens in Europe and around the world<br />Prof. Edward Peter Stringham<br />Lloyd Hackley Endowed Professor of Capitalism and Free Enterprise Studies<br />Fayetteville State University<br />94<br />
  134. 134. Latest research<br />Economic freedom and crime<br />95<br />
  135. 135. The Encyclopedia of Murder and Violent Crime states, “Killing and violent behavior has permeated the development of America,” attributing this in large part to “the inevitable clash of capitalism” (Hickey, 2003, pp.xxxi-xxxii). <br />“The only source of crime is capitalism” (Lynch and Groves, 2000, p.336). <br />96<br />
  136. 136. Crime and Capitalism (Greenberg, 1993) contains thirty chapters arguing how markets cause crime. <br />Wenger and Bonomo (1993, p.420) “[T]he relationship between crime and the terminal crisis of capitalism has become the subject of considerable debate….[But] the debate does not concern the role of capitalism in producing crime—to all but the reactionary or the naïve, such questions have long been settled.” <br />97<br />
  137. 137. (homicide rate) = 1<br />+ 2(economic freedom) <br />+ 3(incarceration rate) <br />+ 4(death penalty) <br />+ 5(gini) <br />+ 6 (literacy rate) <br />+ , <br />98<br />
  138. 138. 99<br />
  139. 139. 100<br />
  140. 140. Figure 1: Partial Regression Plot for Regression 1 (dependent variable: homicide rate) with Economic Freedom data from Fraser (higher scores indicate more economic freedom)<br />101<br />
  141. 141. Case studies<br />102<br />
  142. 142. 103<br />
  143. 143. 104<br />
  144. 144. 105<br />
  145. 145. 106<br />
  146. 146. 107<br />
  147. 147. Moving forward<br />108<br />
  148. 148. 109<br />
  149. 149. Economic Freedom of the Worldwww.freetheworld.com<br />110<br />
  150. 150. Economic Freedom of the Worldwww.freetheworld.com<br />111<br />
  151. 151. The Importance of Economic Freedom<br />Prof. Edward Peter Stringham<br />Lloyd Hackley Endowed Professor of Capitalism and Free Enterprise Studies<br />Fayetteville State University<br />112<br />
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