There are many dimensions to economic freedom and much debate about its definition and measurement.
Social Foundations
Combating material poverty involves cultivating its antithesis: wealth. But how is wealth created? History has shown that societies need certain institutions and freedoms in order to truly flourish. On the other hand, societies without these same institutions and freedoms languish.
Rule of law is among the most important factors of success in any socioeconomic ecosystem. It is the immaterial foundation upon which we construct all of our formal institutions.
Political Freedom & Prosperity Political freedom and economic freedom are not perfectly correlated, but history indicates the two are linked. Political freedom often lays the foundation upon which economic freedom—and therefore broad prosperity—can be built. For example, the rule of law that respects property rights, enforces contracts, and punishes corruption is essential for the functioning … Continued
A robust civil society is foundational to the happiness of every nation. Civil society is composed of communities of individuals that come together over common interests and commitments.