The bottom line is that rich nations can consistently out-perform poor nations if they allow more economic freedom.
This article was originally posted by FEE.org, and written by Daniel J. Mitchell
My view of the US economic policy often depends on whether I’m writing about absolute levels of laissez-faire or relative levels of laissez-faire.
If my column is about the former, I generally complain about excessive spending, punitive taxation, senseless red tape, easy-money monetary policy, and trade protectionism.
But if I’m writing about relative levels of economic liberty, I often turn into a jingoistic, pro-American flag-waver.
That because—with a few exceptions such as Singapore, Hong Kong, New Zealand, and Switzerland—the United States enjoys more economic freedom than other nations.