A Tale of Two Nations and Economic Freedom

The New York Times ran two stories within two days about two very different nations.  One story noted that France was an unhappy place in danger of electing an extremist, Marie Le Pen, as President.  But the author found the plight of the country puzzling, noting that France has wonderful infrastructure compared to the United States and continued to have a culture second to none. He puts its misery down to the French fixation on the losses of past glories.

Another story focuses on the very different mood in New Zealand. People are happy there and many foreigners want to immigrate. The prime reasons given are its isolation from the rest of the troubled world and its social tolerance, as demonstrated by its legalization of same-sex marriage and acceptance of refugees. The photo accompanying the story shows Sikh men in colorful turbans against some pleasant New Zealand scenery.

The two stories show the weaknesses of the analytic powers of our elite media and its indifference to economic freedom.  The best explanation of France’s stagnant misery and New Zealand dynamic happiness can be found in the The Heritage Foundation’s Index of Economic Freedom. New Zealand ranks No. 3 and France No. 72 of the 160 nations surveyed in the economic liberty they permits citizens.  Given that most nations ranked below France are developing nations, New Zealand and France inhabit pretty different economic universes among developed nations.

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Hong Kong

Recently, I visited Hong Kong and China for the first time.  Traveling to Hong Kong was a lifelong dream for me, as I have long admired the economic freedom that it possesses.  But how would the real Hong Kong appear to me, as opposed to the theoretical place that topped the Economic Freedom lists?  And would Hong Kong be significantly changed, given the 20 years it has been under Chinese control? I thought the real Hong Kong was incredible.  This city of skyscrapers was absolutely beautiful, with a skyline that rivals and perhaps surpasses any city in the world.  Hong Kong…

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The Spirit of Christmas Presents Meets the Spirit of Capitalism

miracle

What Miracle on 34th Street Teaches Us About the Virtues of Capitalism.

Earlier this week I found myself watching Miracle on 34th Street. I never before noticed what a fine job it does explaining the connection between the market economy and virtue. If I taught economics rather than history I might use a few clips from the movie in class.

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The State of Our Liberty

The state of our liberty provides the best measure of the state of our union, at least in times of relative peace. It was liberty, after all, that our union was meant to secure. And the news here is not happy. Our economic liberty is on the decline as measured by the annual Heritage report. We have fallen out of the top ten of the nations with greatest freedom to create, trade and keep the fruits of our labor. While Congress had made some cuts in discretionary spending, the entitlement state is on track to take an ever greater share of GDP. And civil liberties have hardly been advanced by the systematic snooping of the NSA.

But beyond these objective indicia, there are deeper signs of trouble for our culture of freedom. The bailout of Wall Street suggested that the government protects the financiers and the one percent. This action in turn has energized the forces of envy that are always just below the surface in a democracy. The election of Bill DiBlasio as Mayor of New York on a theme of two cities shows that the movement is taking virulent political form.

Some might argue that Tea Party shows that the founding spirit of Don’t Tread on Me is alive and well.

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Friday Roundup, January 24th

Don't miss this month's Liberty Law Forum on the Constitution's structural limitations of power and the Bill of Rights: Contributions from Patrick Garry, Ed Erler, Michael Ramsey, and Kenneth Bowling. How should contemporary defenders of limited government and the rule of law understand and learn from the New Deal's revolutionary movement? The current Liberty Law Talk with Gordon Lloyd, co-author with David Davenport of The New Deal & Modern American Conservatism, discusses this question. Liberty Law Reviews: William Atto on Scott Berg's Wilson:  In 1879 . . . he published his essay “Cabinet Government in the United States,” in the International Review. Clearly…

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Becoming Europe

Becoming Europe

This Liberty Law Talk is a discussion with Samuel Gregg about his most recent book, Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future. Recent events in Cyprus, to say nothing of the economic stasis that envelopes much of Europe, highlight America's need to think deeply about the current trajectory of our fiscal and entitlements policies, among other weighty matters. Gregg's book, however, is not merely a rehashing of dire spending problems and bankrupting entitlements and the predictably poorer future this promises, but is a discussion of the social and cultural commitments that are required to…

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The Continuing Decline of Economic Freedom in the US

One of the things that I watch closely each year is the United States’s rating as to economic freedom.  There are two main annually released studies – one by the Heritage Foundation and the Wall Street Journal and the other by the Fraser and Cato Institutes.  Both studies have been showing the US falling.  But while the Heritage/Wall Street Journal study has the U.S. at 10, the new Fraser/Cato study has it at 18.  That is simply awful.

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Economic Freedom in the US and Canada

The Wall Street Journal and the Heritage Foundation have released the 2012 Index of Economic Freedom.  I have closely followed this Index since it was first released in 1995.  Sadly, but not unexpectedly, the United States has fallen once again.  This is another reflection of the worsening state of our polity – a decline for which, in my opinion, George Bush and the Republicans bear some responsibility and Barack Obama and the Democrats bear even more. The United States has fallen significantly from a high of the 5th most economically free country in the world with a 81.2 in 2006 and…

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