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Economic Freedom and Development
“Individual freedom is important to development because it gives individuals freedom to operate. When we don’t have economic freedom, it becomes difficult for people to benefit from the talents of their fellow citizens.”
James Shikwati
OverviewAs many studies have shown, economic freedom is one of the most important elements necessary for generating economic growth and increasing prosperity of countries. Economic freedom allows for innovation and access to a variety of products. The attempts to stifle it, for instance through protectionism, hurt the general population while benefiting only the select few. It is also important to keep in mind that economic and political freedoms reinforce each other: it is difficult to exercise free choice in the marketplace if there are no opportunities for selecting from a mirroring variety of democratic choices. Therefore, both political and economic freedoms have similar elements that need to be in place for them to function, such as good governance, transparency, and accountability. Additional Resources
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