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Freedom as the key to prosperity: Lessons from the world's growth miracles and economic disasters

Hlavac, Marek (2010): Freedom as the key to prosperity: Lessons from the world's growth miracles and economic disasters.

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Abstract

What do China, Estonia, Germany, India, Chile, South Korea and Slovakia all have in common? They have all enacted free-market reforms, and have seen their inhabitants’ living standards soar as a result. This essay describes how free-market policies have improved economic performance in these “growth miracles.” We will also draw contrasts with the policies adopted by governments in some “economic disasters” – countries that have failed to improve the economic well-being of their populations. The lessons we learn from these comparisons paint a clear picture: A country’s economy performs best when its policies lead to greater economic freedom, limit the role of government, and promote respect for the rule of law.

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