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Posts Tagged ‘economic freedom’

Josh TolleyI was a guest on the Josh Tolley Show on January 28, 2014, and I talked about economic freedom and the an entrepreneurial economy vs. an employment economy (from 14 mins. to 37), especially vis-a-vis Canada and the U.S., and how Canada has increased its freedom relative to the U.S. for five straight years according to the Heritage Foundation.

I said how I had watched other State of the Union addresses but wouldn’t be watching this one.

Then, I talked about usury-free community currencies like those by Wayne Walton of Colorado and Tom J. Kennedy of Ottawa, Canada.

I was pleasantly surprised to hear a caller call in during the start of the second hour and said that he had heard me on another network (Oracle Broadcasting) and he really appreciated the point I had made about the educational system.

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The flags of Canada and the United States of A...

In 2010, I was pleased, and not at all surprised, to see that the conservative Heritage Foundation had ranked Canada more economically free than the United States in their Index of Economic Freedom for the first time since their rankings came out in 1995.

Their 2012 index marks the third year in a row that Canada has been ranked more economically free than the United States.

Canada held 6th place, while the U.S. fell from 9th to 10th, and if things go the way they have been, the U.S. is likely to fall off the top 10 list in 2013.

This past weekend, I heard a radio host still lump Canada in as a “socialist” country along with the EU countries that are in so much trouble now, but for such people, I wrote the 2011 article, Still think Canada is more socialist than the United States? The joke’s on you.

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Canadian Flag

On October 4, 2011, Forbes announced that Canada is the best place for business in 2011, ahead of the United States in 10th place.

This is a continuation of a trend that began in 1993 when Canada started on a path to get its fiscal house in order, and accelerated in 2001 with the reckless policies of the Bush administration, which have since been aggravated by the Obama administration.

For my other articles on Canada’s economic ascendancy compared to its once great neighbour, see:

1. Once founded as a limited government whose powers are few and defined, the United States federal government is more centralized and expansive than Canada’s

2. Canada has one of the lowest average tariff rates in the world, with the 9th lowest out of 183 countries

3. The conservative Heritage Foundation labels Canada’s economy free and the United States as only mostly free

4. Still think Canada is more socialist than the United States? The joke’s on you

5. Canada more tax friendly for business than the United States: KPMG

6. Canada has more economic freedom than the United States: The Heritage Foundation

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The conservative Heritage Foundation ranked Australia as the third most economically free country in the world in 2010, while the U.S. came in eighth place.

As of June 2010, Australia’s minimum wage is $15 an hour, while the U.S. federal minimum wage is nearly half that, at $7.25 an hour.

Economics textbooks present the overly simplistic notion that minimum wages higher than the market floor results in higher unemployment. At the time of publication of this index, Australia had an unemployment rate of 4.2% and the U.S. had a rate of 9.4%.

The two most important metrics relative to the impact of minimum wage on economic freedom the report measured, compare favourably between the two countries, showing that Australia isn’t relying on other far higher economic metrics to compensate. Business freedom was rated 90.3 in Australia and 91.3 in the U.S., and Labor freedom was rated 94.9 in Australia and 94.8 in the U.S.

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Euromoney publishes a semi-annual “Credit Risk Rating” of 185 sovereign countries.

In their latest publication, from March 2010, eight of the top 10 are “European socialist welfare states,” as they are commonly referred to as.

Rounding out the top 10 are: Norway, Luxembourg, Switzerland, Denmark, Finland, Sweden, Austria, Canada, the Netherlands, and Australia.

Hong Kong and Singapore didn’t make the cut, despite being seen as among the most economically free countries, as one 2010 report ranked them.

Canada continues to buck old perceptions of being less economically free and successful than the U.S., by being ranked more economically free by the conservative Heritage Foundation’s 2010 Index of Economic Freedom, and more tax competitive for business, by Big Four accounting firm KPMG in their 2010 report.

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Big Four accounting firm, KPMG, released their “Competitiveness Alternatives 2010, Special Report: Focus on Tax” that ranks Canada as the second-most tax friendly country for business out of 10. They are: Mexico, Canada, the Netherlands, Australia, the United Kingdom, the United States, Germany, Italy, Japan and France.

In 2008, Canada was ranked third, while the U.S. was ranked fifth.

This report follows the conservative Heritage Foundation’s 2010 Index of Economic Freedom report, ranking of Canada as more economically free than the United States, and is further confirmation of the pro-business climate in Canada today.

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With Western Union, I priced a ‘Money in Minutes’ online and agent money transfer of $1000 USD from America’s financial capital, New York City, to Iraq, and from New York City to Canada.

The service fee was only $19.99 from New York City to Iraq, but was $86.00 to Canada — 430% more.

Similarly, MoneyGram’s agent 10-minute money transfer fee for $1000 USD was only $16 from the U.S. to Iraq, but was $61 to Canada — 381% more.

This, despite Canada’s deep economic integration with the U.S. through NAFTA and the SPP, the world’s largest bilateral trading relationship among individual countries, their membership in the G-8 and G-20, being ranked #7 and #8 in economic freedom according to the Heritage Foundation, Canada having the soundest banking system in the world according to the World Economic Forum, and bigger economies of scale.

Previously, I wrote about how it’s cheaper to send a text message to Iraq than to the United States.

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