That could be a problem. After all, none of the other systems tried throughout human history have come close to economic freedom in terms of providing broad-based prosperity. Experience teaches that even the best efforts of central planners and bureaucrats do not lead to sustainable growth. As the 20th anniversary of the fall of the Berlin Wall reminds all of us, countries taking that approach fail economically as well as politically.
The surer path to prosperity and a healthy society is the path of freedom: letting individuals decide for themselves how best to achieve their dreams and aspirations. By dispersing economic power and decision-making throughout an economy, economic freedom empowers ordinary people with greater opportunity and more choices.
People in economically free societies live longer and healthier lives. They enjoy greater political freedom and can better defend their human rights. Economic freedom reduces poverty, opening the gates of prosperity to ever more people worldwide.
It’s not too late to reverse course. It looks as though ObamaCare, a trillion-dollar, centrally-planned government intervention in the economy, will fail this year. That’s a start on the road back to economic freedom.
Policymakers should take other steps to advance freedom. Our goal must be to get the U.S. back into the Index’s category of truly free economies, so we may once again enjoy the growth that position brings.