Economic Freedom of The World 2000

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Economic Freedom of the World: 2000 Annual Report is our latest, most detailed attempt to construct a useful indicator of economic freedom for the nations of the world. More than a decade ago, Michael Walker, the Executive Director of The Fraser Institute of Vancouver, British Columbia, and Nobel laureate Milton Friedman organized a series of conferences with the objective of clearly defining and measuring economic freedom. They were able to attract some of the world’s leading economists including Gary Becker, Douglass North, Peter Bauer, and Assar Lindbeck to participate in the series and provide input for the study. These conferences eventually led to the publication of Economic Freedom of the World: 1975-1995 ( James Gwartney, Robert Lawson, and Walter Block, eds.) and the organization of the Economic Freedom Network, a collection of over 50 institutes in as many countries. Collectively these institutes assist in the production of each edition of Economic Freedom of the World and share our goal of developing the best possible measure of economic freedom. In 1997, we published Economic Freedom of the World: 1997 Annual Report, and last year Economic Freedom of the World: 1998/1999 Interim Report.1

In his foreword to Economic Freedom of the World: 1975-1995, Milton Friedman indicated that the indexes presented in that publication had brought the quest for an objective measure of economic freedom to a "temporary conclusion." Amplifying this statement, Professor Friedman indicated that subsequent studies would "surely make revised editions necessary, both to bring the indexes of economic freedom up-to-date and to incorporate the additional understanding that will be generated." The measures developed in this publication are indicative of this evolutionary process. They reflect improved knowledge about how to measure economic freedom and the development of a more complete data set for the achievement of that purpose. They represent movement to a new level.

The core ingredients of economic freedom are personal choice, protection of private property, and freedom of exchange. Individuals have economic freedom when: (a) their property acquired without the use of force, fraud, or theft is protected from physical invasions by others and (b) they are free to use, exchange, or give their property to another as long as their actions do not violate the identical rights of others. Like a compass, this concept of economic freedom has directed our work.

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Last Modified: Monday, January 10, 2000