Top 10 countries for economic freedom

As Adam Smith, Milton Friedman and Freidrich Hayek have stressed, freedom of exchange and market coordination provide fuel for economic progress.  Without exchange and entrepreneurial activity coordinated through markets, modern living standards would be impossible.  

But advantageous exchanges do not always occur.  Their realization depends on the presence of sound money, the rule of law, secure property rights, reasonable tax rates and other factors.

Here are the top ten most economically free countries in the world now – 

1) Hong Kong  2) Singapore  3) Switzerland  4) New Zealand  5) United Arab Emirates  6) Mauritius  7) Jordan  8) Ireland   9) Canada  10) United Kingdom.

The United States, once known as the bastion of economic freedom, has fallen dramatically since the year 2000 when it was number two on the list.  The US is now at #16 is due to a weakening rule of law, increasing regulation, and the ramifications of wars on terrorism and drugs.

The lowest on the list?  Iran at number 157.