Liberty and Prosperity

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Liberty and Economic Prosperity Explain clearly why the 10 freest countries are much more prosperous than the 10 least free countries, and support your conclusions with logical reasoning and factual evidence. The countries identified below are ranked as the 10 most and least free countries according to the Heritage Organization 2012 Index of Economic Freedom (The Heritage Foundation, 2012): 10 MOST FREE COUNTRIES 10 LEAST FREE COUNTRIES 1. Hong Kong 1. North Korea 2. Singapore 2. Zimbabwe 3. Australia 3. Cuba 4. New Zealand 4. Libya 5. Switzerland 5. Eritrea 6. Canada 6. Venezuela 7. Chile 7. Burma 8. Mauritius 8. Democratic Republic of Congo 9. Ireland 9. Iran 10. United States 10. Equatorial Guinea The 10 most free countries vs. the 10 least free countries Introduction Free markets or economic freedom reduce scarcity and poverty while contributing to economic efficiency and prosperity. Many countries are far more successful in achieving economic freedom than others. In order to achieve economic freedom, certain conditions must exist; without them, countries experience overwhelming scarcity and poverty (Livingstone, 2011). Some of the most known conditions necessary for a free market to operate and for a country to achieve economic freedom are: (1) the establishment and enforcement of the rule of law and secure property rights; (2) the promotion of perfect competition; (3) the need for ethical behavior; and (4) the abolishment of barriers that break down efficiency. Rule of law and secure property rights The necessity for judicial intervention in a free economy is based primarily on the establishment and enforcement of the rule of law and secures property rights. The rule of law and secure property rights allow people to freely participate and jointly benefit from the exchange of goods and services
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