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Economic Freedom of the World 2007   
Economic Freedom of the World
2007 Annual Report


with the assistance of Joshua Hall

with Russell S. Sobel and Peter T. Leeson

This special Indian edition includes Preface by Kamal Nath
Published by Academic Foundation
in collaboration with
Centre for Civil Society, New Delhi and
Friedrich Naumann Stiftung.
Paper  Back Book (8¾" x 11")   :   Pages : 204
2007  Edition         :   ISBN - 978-81-7188-656-2
Price : Rs. 795.00   :   USD $ 29.95
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The key ingredients of economic freedom are personal choice, voluntary exchange, freedom to compete, and protection of the person and property. Economic freedom liberates individuals and families from government dependence and gives them control of their own future. Empirical research shows this spurs economic growth by unleashing individual dynamism. It also leads to democracy and other freedoms as people are unfettered from government dependence.

The annual Economic Freedom of the World Report ranks countries on their level of economic freedom. This comprehensive index, constructed under the leadership of The Fraser Institute and Nobel Laureate Milton Friedman, is the most objective and accurate measure of economic freedom published to date by any organization and the only one that uses reproducible measures appropriate for peer-reviewed research.

The 2007 annual report explores the evolution of economic freedom over the last quarter century and the impact of economic freedom on people's lives.

It answers many important questions, including :

• Has economic freedom been increasing or decreasing ?

• Do poor people benefit when countries become economically free ?

• What countries have made big gains in economic freedom in recent years ?

• What effect does economic freedom have on prosperity ?

• How does economic freedom influence investment ?

• How does economic freedom influence productivity ?

• What impact does economic freedom have on income inequality ?

The world's political leaders and others concerned with economic growth … would do well to give their custom to … (the) Economic Freedom of the World report, an annual publication that aims to measure economic freedom in 123 countries.



Economic freedom advances economic growth, reduces poverty and promotes other civil and political freedoms. It is also a tonic against terrorism because of the opportunity it creates. All of the nations behind global terrorism lack economic freedom.



The closest thing we have to (an explanation of efficient markets) is the Economic Freedom of the World Annual Report. … This is an invaluable contribution.



The series of reports on economic freedom has been of enormous value in assessing… the consequences of freedom for economic progress of different nations. I look forward to each annual report.


Nobel Laureate GARY BECKER

It's an article of faith for most economists that freedom of trade pays off in economic growth. Their faith is supported by hard numbers in … (the) Economic Freedom of the World report.




James D. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University, where he directs the Stavros Center for the Advancement of Free Enterprise and Economic Education. He served as Chief Economist of the Joint Economic Committee of the US Congress during 1999/2000. He is the co-author of Economics: Private and Public Choice (Thompson/South-Western Press), a widely used text on the principles of economics that is now in its eleventh edition. His most recent book, Common Sense Economics: What Everyone Should Know about Wealth and Prosperity (St. Martin’s Press, 2005) is a primer on economics and personal finance designed for the interested lay person. His publications have appeared in both professional journals and popular media such as the Wall Street Journal and the New York Times. His Ph.D. in economics is from the University of Washington. He was invited by the in-coming Putin Administration in March 2000 to make presentations and have discussions with leading Russian economists concerning the future of the Russian economy. In 2004, he was the recipient of the Adam Smith Award of the Association of Private Enterprise Education for his contribution to the advancement of free-market ideals. He is the President-elect of the Southern Economic Association.

Robert A. Lawson is Professor of Economics and George H. Moor Chair in the School of Management at Capital University in Columbus, Ohio. He earned his B.S. in economics from the Honors Tutorial College at Ohio University and his M.S. and Ph.D. in economics from Florida State University. Lawson has professional publications in Public Choice, Cato Journal, Kyklos, Journal of Labor Research, Journal of Institutional and Theoretical Economics, and European Journal of Political Economy. He is a senior fellow with the Buckeye Institute for Public Policy Solutions where he has written extensively on issues of state and local public finance. Lawson served as president of the Association of Private Enterprise Education and is a member of the Mont Pelerin Society.

Joshua C. Hall is an assistant professor in the Department of Economics and Management at Beloit College in Beloit, Wisconsin. He earned his bachelor and master degrees in economics from Ohio University and is a Ph.D. candidate in economics at West Virginia University. Formerly an economist for the Joint Economic Committee of the US Congress, he has published numerous policy studies and professional publications. Professor Hall’s research has appeared in journals such as the Atlantic Economic Journal, Cato Journal, Journal of Economic Education, and Journal of Labor Research.



Russell S. Sobel is Professor of Economics and holder of the James Clark Coffman Distinguished Chair in Entrepreneurial Studies at West Virginia University. He has published over 75 books and articles, including a co-authored textbook on the principles of economics and a book on West Virginia’s policy reform entitled Unleashing Capitalism: Why Prosperity Stops at the West Virginia Border and How to Fix It (The Public Policy Foundation of West Virginia, 2007). Dr. Sobel was the founding Director of the West Virginia University Entrepreneurship Center, and he serves on the advisory boards of five major professional and academic organizations. He has received numerous awards for both his teaching and research. His recent work has focused on FEMA reform, state-level economic freedom, and entrepreneurship.

Peter T. Leeson is the BB&T Professor for the Study of Capitalism at the Mercatus Center at George Mason University. Previously, he was a Visiting Fellow at Harvard University and the F.A. Hayek Fellow at the London School of Economics. Leeson is the author of nearly 40 academic journal articles, which have appeared in journals such as the Journal of Law and Economics, Journal of Legal Studies, Journal of Economic Behavior and Organization, Journal of Intsitutional and Theoretical Economics, and Public Choice. He is an Associate Editor of the Review of Austrian Economics and an Adjunct Scholar of the Mackinac Center for Public Policy. In 2007, Leeson won the Fund for the Study of Spontaneous Orders Prize for his work on the effectiveness of privateproperty anarchy.





Dedication to Milton Friedman
by James Gwartney and Michael Walker

About the Authors

About the Contributors

About the Members of the Economic Freedom Network

Executive Summary

Chapter 1: Economic Freedom of the World, 2005

Chapter 2: The Spread of Global Economic Freedom
by Russell S. Sobel and Peter T. Leeson

Chapter 3: Country Data Tables

Appendix 1: Explanatory Notes and Data Sources

Appendix 2: Selected Publications Using Ratings from Economic Freedom of the World

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