Thugs and tyrants are slow to change their ways. For the last decade, we have measured economic freedom around the globe. Hong Kong and Singapore share the top rating of 9.4 on a scale of 10. Changes in Economic Freedom Since 1980 We calculated economic freedom ratings of 123 countries every five years starting in 1970. One reason the world is now freer is because monetary policy has been reined in.
Inflation now robs fewer people of their savings and purchasing power.
The median inflation rate fell from 14.5 percent in 1980 to 5.8 percent in 1997. The number of countries with an annual inflation rate below 5 percent rose from ten to fifty-five. Consumers' freedom to purchase a wider variety of more affordable goods grew because of lower barriers to international trade. The mean tariff rate fell from 27 percent in 1980 to less than 12 percent in 1997. The average volume of trade relative to GDP increased by 43 percent during the last three decades.