US drops out of the top 10 free economies list

[shamrock_uk]

http://english.aljazeera.net/NR/exer...5F7E6C4310.htm

US falls off top free economies' list by Tuesday 04 January 2005 4:11 PM GMT The United States has dropped out of the list of the world's 10 freest economies in a ranking released by the conservative Heritage Foundation. The organisation, which promotes low taxes and limited government regulation, said on Tuesday the US was tied for 12th place with Switzerland in the 2005 Index of Economic Freedom. Hong Kong retained its top ranking in the survey, followed by Singapore, Luxembourg and Estonia. Ireland and New Zealand tied for fifth place, followed by Britain, Denmark, Iceland and Australia in the top 10. Chile ranked 11th. "Perhaps the greatest surprise in this year's index is the failure, for the first time, of the United States to make the top 10," the Washington-based research group said. "Although its score remains unchanged from last year, and it is still classified as free, the United States - now in a tie for 12th place with Switzerland - has been 'treading water'," according to the editors, "and hence has been surpassed by countries willing to open their economies still further". The report, compiled with The Wall Street Journal, "demonstrates that the countries with the greatest degrees of economic freedom also enjoy the highest living standards", Heritage said. "During the last nine years, countries that have done the most to improve their scores on the index's 10 measures of economic freedom have, in general, experienced the highest rates of economic growth. Iceland, for example, has improved steadily, producing a compound growth rate of 3.5%." Increased freedom The report showed "a net increase in global economic freedom" overall in the global economy, with 86 scoring better this year than last year and 57 countries getting lower scores. quote: The report "demonstrates that the countries with the greatest degrees of economic freedom also enjoy the highest living standards" The Heritage Foundation

Overall, 17 countries are classified as having "free" economies, 56 as "mostly free," 70 as "mostly unfree" and 12 as "repressed".

The criteria used include free trade; taxes; government intervention in the economy; monetary policy; capital flows and foreign investment; property rights; and informal market activity.

Among European nations outside the top 10, Germany ranked 18th, Italy 26th and France 44th.

Japan, the world's second-largest economy, ranked 39th in the survey.

The Asia-Pacific region offered sharp contrasts, with the two highest-ranked economies but also the two lowest-rated countries in the world, Myanmar and North Korea.

AFP
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[John D Harris]

I hate to see us treading water on anything, but that is what happens when you go into a prevent defense and try to sit on the lead. Just like a football team team that tries run out the clock, instead of continuing to play the game that got them the lead.

[johnny]

Can't win em all. I'm surprised though by Japan's ranking, only 39.

[shamrock_uk]

Yeah, so was I. What really suprised me was the difference between Britain (6th), Italy (26th) and France (44th) - I would have expected EU regulations to have levelled the playing field somewhat (ie. to have dragged Britain down a bit)

[Zuvio]

I bet the Netherlands aren't even on the list...

[johnny]

Originally posted by Zuvio: I bet the Netherlands aren't even on the list...

What ? Our economy is on top...if you hold the list upside down.

[John D Harris]

Originally posted by johnny: Can't win em all.

That's a Fact! But we should always try [img]smile.gif[/img]

[Kakero]

Any prize for getting 1st on the list?

[Djinn Raffo]

Hong Kong at the top. Those crazy free market Commies.

[Szass-Tam]

Originally posted by Kakero: Any prize for getting 1st on the list?

You now have free gloating rights (and economy).