Look no further than Hong Kong. For the 14th straight year it ranks number one in economic freedom. It boasts the top score in four of the Index’s 10 categories of economic freedom, making it the “poster economy” of the world.

But competition for the top spot is fierce. Another former British colony, Singapore, remains a close second. And they’re both being pursued by their regional colleague Australia, the fourth-freest economy.

On the other side of the globe Ireland holds the number-three spot. The Emerald Isle has championed financial freedom and property rights, and its commitment to free trade has made it a major commercial and financial hub.

Here in the United States the picture remains bright, but not as bright as it should be. Our economy is at number five in the world, but we’ve lost a bit of ground since the 2007 Index. This should be a warning to policymakers that it’s time to increase our commitment to economic freedom. Unless we reduce the size and scope of government (where the U.S. earned its lowest scores, by far) other countries likely will race past us in the years ahead.

In a global economy, as in the NFL, there’s no secret about how to succeed. Economic freedom makes a country wealthier and its people more comfortable. Our planet is engaged in an economic competition that can make everyone a winner. As more countries race to embrace more economic freedom, more people will enjoy longer, healthier and happier lives.

That’s an economic race we look forward to chronicling in upcoming editions of the Index.