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Economic Freedom & Quality of Life

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Imagine, you had lived in a country from one of these two lists for the rest of you life. Which list would you choose? If you're like most people, you would choose A. Let's take a look at why that is. Take Chile and Venezuela. Chile's poverty rate is half than Venezuela's and it's inflation rate is a fraction of the size. Actually, all of list A appears to be better off than B. Look at income per persone. It's 10x higher on average in list A. But these lists aren't organized by income, they are organized by economic freedom. List A countries have the most free economies in the world. List B the least free. Across the globe we see a strong relationship between economic freedom and people's quality of life. For instance: people in the most free countries earn on average over 8x more than people in the least free. The poor earn 10x more. People in the most free countries are happier, they have better protected civil rights, cleaner environments and the average person lives 20 years longer. The freest countries also have less corruption, less infant mortality, less child labor and less unemployment. So if you care about improving people's lives, you really care about economic freedom. And having economic freedom means your property is protected under impartial rule of law. You are free to trade with others for what you need and want. Your money keeps it's value, because your national currency is stable. And government stays small relative to the size of the economy. For years the US was among the world leaders in economic freedom. But over the last decade the US's ranking fell and it's projected to keep falling. The question is: will our quality of life fall with it? If you like this video and want to join to discussion, visit

Video Details

Duration: 2 minutes and 26 seconds
Country: United States
Language: English
Producer: Economic Freedom
Director: Economic Freedom
Views: 109
Posted by: smtex on Jul 10, 2011

Economic Freedom and the Quality of Life is a short, informative video centered on the ideas of economic freedom and the societal benefits it produces. The video helps explain what economic freedom is and why it's key to improving society.

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