Defining Economic Freedom of the World (EFW) Introduction
We know from history that the human spirit flourishes on fairness, opportunity, transparency, and liberty. Yet there are those who persist in attacking individual freedom in the name of collectivism, solidarity, and social justice. These false idols of socialist nirvanas may have emotional appeal for some, but the economic and social results when they become the touchstones of government policy are all too predictable: poverty, deprivation, and oppression. With global economic recovery far from secure, many economies are at a critical stage and governments face important policy choices. Debt, recession, and financial instability have slowed progress in countries everywhere, and economic crises have become political crises, particularly in countries where governments play a large role in directing economic activity. South Asian countries are basically fallen in this category. If those who govern acknowledge the limits of government and make necessary policy adjustments, economic freedom can blossom and high growth can once again liberate millions from poverty and joblessness. If leaders instead carry on with ill-guided policies that empower their governments rather than their people, the result is likely, at best, to be economic stagnation and ever-increasing dependence. We must have the courage to make a new start, to build a better free economy to be flourished completely. We must overcome the obstacles that created by our system and still feeding well to grab us all. This presentation is to show the complete view of the reality and to show the position where ours’ economies could be. It is to clarify the decisions that imposed on us to send us back far from the real improvement, so; in that sense it is the guideline for future path for freedom of economies of the South Asian countries along with Bangladesh. Literature Review One of the initial measures of economic freedom was developed by Freedom House (a U.S. based non-governmental organization, NGO, that conducts research and advocacy on democracy, political freedom and human rights), which has done extensive work on the measurement of political and cultural freedom. This measure included a range of indicators including freedom to establish a business and freedom of union organization. Somewhat in response to dissatisfaction with the Freedom House index from advocates of a libertarian (Libertarianism refers to the group of political philosophies which emphasize freedom, liberty, and voluntary association) or market liberal viewpoint, Milton Friedman (July 31, 1912 – November 16, 2006 was an American economist, statistician) and Michael Walker ( born 1945, in Corner Brook, Newfoundland is a Canadian economist. He is best known as the founder of The Fraser Institute) of the Fraser Institute hosted a series of conferences on economic freedom. Ultimately this resulted in a report on worldwide economic freedom, Economic Freedom of the World. Later the Heritage Foundation (is an American conservative think tank based in Washington, D.C.) and the Wall