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Fred McMahon Vice-President International Research The Fraser Institute Economic Freedom of the World: 2011 Annual Report Part 1 Presentation for the Conference.

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Presentation on theme: "Fred McMahon Vice-President International Research The Fraser Institute Economic Freedom of the World: 2011 Annual Report Part 1 Presentation for the Conference."— Presentation transcript:

1 Fred McMahon Vice-President International Research The Fraser Institute Economic Freedom of the World: 2011 Annual Report Part 1 Presentation for the Conference Competition: Engine for Prosperity October 2011 Kuala Lumpur, Malaysia

2 What is Economic Freedom Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others. An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are engaged in voluntary transactions. James Gwartney et al. 1996

3 Components of the Economic Freedom of the World Index Size of government and taxation Private property and the rule of law Soundness of money Trade regulation and tariffs Regulation of business, labor and capital markets

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5 Overall Economic Freedom Index and the Top 10 Source: The Fraser Institute.

6 Overall Economic Freedom Index and the Bottom Ten Source: The Fraser Institute.

7 Asia scores Source: The Fraser Institute.

8 Asia ranks Source: The Fraser Institute.

9 World Average Economic Freedom Over Time World Average Economic Freedom Over Time Source: The Fraser Institute.

10 Why is Economic Freedom Important? Economic rights are fundamental rights in the sense that without them there can be no political freedom or civil freedoms They are a prerequisite for growth and development They are a prerequisite for broader human development

11 The impact on prosperity and development

12 Per Capita Income and Economic Freedom Quartile Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

13 Growth in Developing Nations Per Capita and Economic Freedom Quartile Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

14 Economic Freedom, the Poor, and Inequality

15 Income Share of the Poorest 10% and Economic Freedom Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

16 Income of the Poorest 10% and Economic Freedom Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

17 Economic Freedom, Governance, and Democracy

18 Economic Freedom and Political Rights Low scores indicate high level of rights Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 2009, available at Most Free ……………. Least Free

19 Economic Freedom and Civil Rights Low scores indicate high level of rights Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 2009, available at Most Free ……………. Least Free

20 Economic Freedom and Corruption High scores indicate low corruption Sources: The Fraser Institute; Transparency International, Corruption Perceptions Index, 2010 available at Most Free ……………. Least Free

21 The impact of Economic Freedom on other indicators of well-being

22 Economic Freedom and Life Satisfaction Sources: The Fraser Institute; (un)Happy Planet Index 2.0. Why good lives don't have to cost the Earth Most Free ……………. Least Free

23 Literacy Male Female Most Free ……………. Least Free Sources: The Fraser Institute; United Nations Development Programmme, Human Development Indicators 2011, available at

24 Life Expectancy at Birth and Economic Freedom Quartiles Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

25 Malaysia comparisons

26 Malaysia and the world Sources: The Fraser Institute;

27 Per Capita Income and Economic Freedom Quartile Sources: The Fraser Institute; The World Bank, World Development Indicators, Most Free ……………. Least Free

28 Size of government Sources: The Fraser Institute;

29 Legal and property rights: 1 Sources: The Fraser Institute;

30 Legal and property rights: 2 Sources: The Fraser Institute;

31 Sound Money Sources: The Fraser Institute;

32 Freedom to Trade: 1 Sources: The Fraser Institute;

33 Freedom to trade: 2 Sources: The Fraser Institute;

34 Credit market regulations Sources: The Fraser Institute;

35 Labor market regulations Sources: The Fraser Institute;

36 Business regulations Sources: The Fraser Institute;

37 Conclusions Economic Freedom Increases prosperity for all Reduces poverty Increases other freedoms Improves quality of life To achieve these gains, Malaysia needs to increase economic freedom

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