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Economic Freedom (The Economic Freedom Index (investment freedom, trade…
Economic Freedom
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In 2008, Canada was ranked 10th on this list, below Hong Kong, Singapore, Australia, the United States, New Zealand, and the United Kingdom.
The reason for its ranking is that Canada intervenes in its markets rather than leaving them free from government regulation.
Canada implemented policies to create a social safety net. (The Unemployment Insurance Act (1940), the Canada Pension Plan (1966), the Medical Care Act (1966), and other acts transformed Canada into more of a welfare state.)
Economic freedom: the freedom to buy what you want and to sell your labor, idea, or product to whomever you wish. (Personal level)
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Economic freedom for free-market means that there were no barriers to trade for products they might want to export and that their customers would not have to pay taxes on their purchases.
Free markets: Markets in which consumers and businesses have free choice to buy,
sell, or trade, without government interference in those transactions
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The Economic Freedom Index, compiled by the Wall Street Journal, The Heritage Foundation, a Washington, DC–based think tank. Rates the economic freedom of 157 countries according to the following.
A welfare state is one in which the economy is capitalist, but the government uses policies that directly or indirectly modify the market forces in order to ensure economic stability and a basic standard of living for its citizens