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Posts Tagged ‘Hong Kong’

In their 2011 Index of Economic Freedom, the Heritage Foundation designated Canada’s economy as “free,” while the United States embarrassingly slipped down into its list of “mostly free” economies.

Canada was ranked in 6th place just behind other “free” economies like Hong Kong, Singapore, Australia, New Zealand and Switzerland, while the U.S. was ranked in 9th place, sharing company with “mostly free” economies like Uruguay in 33rd place.

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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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The conservative Heritage Foundation, no friend of socialism, has ranked Canada ahead of the United States in economic freedom, at 7th and 8th place, respectively.

From their 2010 Index of Economic Freedom, the top 10 countries with the most economic freedom in descending order are:

  • Hong Kong, Singapore, Australia, New Zealand, Ireland, Switzerland, Canada, United States, Denmark, and Chile.

Ranked by Business Freedom, Trade Freedom, Fiscal Freedom, Government Spending, Monetary Freedom, Investment Freedom, Financial Freedom, Property Rights, Freedom from Corruption, and Labor Freedom, Canada beats the U.S. on 6 out of 10, ties on Investment Freedom, and falls behind only on Government Spending, Monetary Spending, and Labor Freedom.

Particularly embarrassing to the U.S. should be Canada’s ranking of 90% for Property Rights versus 85% for the U.S., given that the U.S. Constitution explicitly provides for just compensation for the taking of property, and the Canadian Constitution does not. Instead, it leaves property rights to the jurisdiction of the provincial legislatures. Even the Chinese Constitution provides for compensation for the taking of property, whereas Canada’s doesn’t.

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