Cato (et al) have released their annual economic freedom index and the rankings of each country. The USA has plummeted several positions in the last decade, which is not all that surprising considering the heaps of legislation that's been enacted in that time-frame. Now we're behind the Brits. :Embarrass:
http://www.cato.org/pubs/efw/index.html
QuoteGlobal economic freedom bounced back slightly in this year's report. After falling for two consecutive years following a long trend of increases, the average score rose from 6.79 in 2009 to 6.83 in 2010, the most recent year for which data is available. In this year's index, Hong Kong retains the highest rating for economic freedom, 8.90 out of 10 (down slightly from 9.01 last year). The rest of this year's top scores are Singapore, 8.69; New Zealand, 8.36; Switzerland, 8.24; Australia, 7.97; Canada, 7.97; Bahrain, 7.94; Mauritius, 7.90. Finland, 7.88; and Chile, 7.84. Bahrain and Finland are new to the top 10 — replacing, notably, the United Kingdom (fell to 12th) and the United States (a sizable drop to 18th).
The United States, long considered the standard bearer for economic freedom among large industrial nations, has experienced a substantial decline in economic freedom during the past decade. From 1980 to 2000, the United States was generally rated the third freest economy in the world, ranking behind only Hong Kong and Singapore. After increasing steadily during the period from 1980 to 2000, the chain linked EFW rating of the United States fell from 8.65 in 2000 to 8.21 in 2005 and 7.70 in 2010. The chain-linked ranking of the United States has fallen precipitously from second in 2000 to eighth in 2005 and 19th in 2010 (unadjusted ranking of 18th).
The rankings (and scores) of other large economies in this year's index are Japan, 20th (7.64); Germany, 31st (7.52); France, 47th (7.32); Italy, 83rd (6.77); Mexico, 91st, (6.66); Russia, 95th (6.56); Brazil, 105th (6.37); China, 107th (6.35); and India, 111th (6.26).
Nations in the top quartile of economic freedom had an average per-capita GDP of $37,691 in 2010, compared to $5,188 for bottom quartile nations in 2010 current international dollars. In the top quartile, the average income of the poorest 10% was $11,382, compared to $1,209 in the bottom in 2010 current international dollars. Interestingly, the average income of the poorest 10% in the most economically free nations is more than twice the overall average income in the least free nations. Life expectancy is 79.5 years in the top quartile compared to 61.6 years in the bottom quartile, and political and civil liberties are considerably higher in economically free nations than in unfree nations.
The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields, from economics to political science, and from law to philosophy. This is the 16th edition of Economic Freedom of the World and this year's publication ranks 144 nations for 2010, the most recent year for which data are available.
(https://languish.org/forums/proxy.php?request=http%3A%2F%2Fsphotos-a.xx.fbcdn.net%2Fhphotos-ash4%2F380013_10151073075814077_635223048_n.jpg&hash=358d41f48712f738c3fdbce98b0ff4f7ba0bc833)
Executive Summary :
http://www.cato.org/pubs/efw/efw2012/efw-2012-executive-summary.pdf
Denmark is more vulture Capitalistic than the evil heartless Yankees. :nelson: for failing at Scandi Commieness.
Quote from: Valmy on September 19, 2012, 03:07:52 PM
Denmark is more vulture Capitalistic than the evil heartless Yankees. :nelson: for failing at Scandi Commieness.
Finland and Denmark are higher than us but Norway and Sweden are below. :huh:
How's Macau?
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
Even though we rank no.1 again, I have to say these lists are essentially pointless. I've talked to a lot of these rating agencies and researched their methodologies (in an effort to improve HK's ranking :ph34r:). Most of these rankings are done arbitrarily, I have to say. Very often, they hire random guys to give subjective ratings to each area. They issue surveys to record "impressions". A small change to the methodology can result in entirely different rankings even if there is no substantive change to the fundamentals. Believe me when I say that many governments have hired armies of office drones to influence the rankings. I've heard my fair share of "hey if you commission us to do this and that project, maybe we can talk to the ranking guys to, err, enhance the methodology :contract:"
Quote from: CountDeMoney on September 19, 2012, 03:32:47 PM
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
Regulation makes up only one marker in the ratings. The USA has lost ground on such Randroid fetishes as reliability of police, bribes and favoritism and trade barriers. ;)
I'm sure you think Canada is compromisingly under-regulated, though, right?
Quote from: CountDeMoney on September 19, 2012, 03:32:47 PM
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
I'll read up on it later, but given the Euro countries ahead of the US I'm not sure that's it. With US it could be issues of transparency, predictability and consistency? I'm just thinking that US regulators seem to change more with the political complexion than in many other countries.
Quote from: Monoriu on September 19, 2012, 03:38:59 PM
Even though we rank no.1 again, I have to say these lists are essentially pointless. I've talked to a lot of these rating agencies and researched their methodologies (in an effort to improve HK's ranking :ph34r:). Most of these rankings are done arbitrarily, I have to say. Very often, they hire random guys to give subjective ratings to each area. They issue surveys to record "impressions". A small change to the methodology can result in entirely different rankings even if there is no substantive change to the fundamentals. Believe me when I say that many governments have hired armies of office drones to influence the rankings. I've heard my fair share of "hey if you commission us to do this and that project, maybe we can talk to the ranking guys to, err, enhance the methodology :contract:"
Why is the Hong Kong government so concerned with these rankings? I am pretty sure nobody in the US Government is all that interested in what the Cato Institute thinks...unless Cato is making campaign donations or something.
Quote from: Valmy on September 19, 2012, 04:27:46 PM
Why is the Hong Kong government so concerned with these rankings? I am pretty sure nobody in the US Government is all that interested in what the Cato Institute thinks...unless Cato is making campaign donations or something.
Right?
We need to free America.
To echo Valmy, not many people about stupid lists drawn up by the Cato Institue.
You a verb.
Me Ed.
Quote from: Sheilbh on September 19, 2012, 04:02:27 PM
Quote from: CountDeMoney on September 19, 2012, 03:32:47 PM
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
I'll read up on it later, but given the Euro countries ahead of the US I'm not sure that's it. With US it could be issues of transparency, predictability and consistency? I'm just thinking that US regulators seem to change more with the political complexion than in many other countries.
Who knows? The Cato institute is a bunch of crazies.
Quote from: Valmy on September 19, 2012, 04:27:46 PM
Why is the Hong Kong government so concerned with these rankings? I am pretty sure nobody in the US Government is all that interested in what the Cato Institute thinks...unless Cato is making campaign donations or something.
I think it is for general PR, and to attract foreign investment. Or so they think. HK and Singapore are locked in permanent competition mode in beating each other in these rankings.
I'm waiting for the John Birch list of party colleges.
Quote from: Ed Anger on September 19, 2012, 09:18:41 PM
I'm waiting for the John Birch list of party colleges.
Get bent.
Quote from: CountDeMoney on September 19, 2012, 03:32:47 PM
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
No kidding. I find it funny that there are still people out there who sell the Cato Institute as an independent think tank. :lol:
But then again, it's Habbaku - a working class redneck who thinks he is middle class riding on the same wagon as Romney, because they both love their god and guns.
Beats me how Berkut is able to spend more than 5 minutes with him. I mean, he can't be that good of a fuck.
Martinus' obsession with me is adorable.
What's the matter, did your boyfriends unionize and ask for a raise?
No justice, no feet!
You're safe, Hab. He doesn't do anal. Not that he'd be able to hold you down anyway.
Quote from: Habbaku on September 20, 2012, 06:34:44 AM
Martinus' obsession with me is adorable.
What's the matter, did your boyfriends unionize and ask for a raise?
:o :face: :lmfao:
Quote from: Martinus on September 20, 2012, 01:28:36 AM
Quote from: CountDeMoney on September 19, 2012, 03:32:47 PM
Great, a "roll back regulatory control" thread, complete with Koch Bros PowerPoints. Haven't had one of those for a while.
No kidding. I find it funny that there are still people out there who sell the Cato Institute as an independent think tank. :lol:
I like Cato. They are pretty independent and proud of it, see the whole Koch issue.
Quote from: DGuller on September 20, 2012, 07:11:33 AM
Quote from: Habbaku on September 20, 2012, 06:34:44 AM
Martinus' obsession with me is adorable.
What's the matter, did your boyfriends unionize and ask for a raise?
:o :face: :lmfao:
It was a pretty good rejoinder.
Habs did you actually look at these charts; they are asinine.
According to CATO, the UAE outscores the US on judicial independence, impartiality of courts, integrity of the legal system and reliability of police. Would you honestly trust your freedom to the UAE justice system over the US?
The trends on the US scores are also so bizarre as to cast grave doubt on the validitity of the methodology. In one year (2009 to 2010), the US "reliability of police" score plummeted by 30% but at the same time the "business cost of crime" score increased by about the same amount. What the hell could have happened in 2010 that simultaneously caused a massive increase in police corruption while at the same time slashing the costs to business? The report also claims that the impartiality of the US court system has nearly halved since 2000; I assume based on the source that this is not intended as some wise-ass comment on Bush v. Gore but is just the consequence of a grossly invalid methology.
The same problems recur all over the place. The US "international trade" score is low due in part to a miserably bad score on "capital controls" which is rather odd since the US has no captial controls to speak of other than CFIUS which is treated under a separate category. In the "regulation" section, the US actually improved in "hiring regulations and minuimum wage" to a perfect 10 (!) after scoring only 3.82 in 2000. :huh: In in the area of "private sector credit" regulations, CATO has the Glass-Steagall era US at respectable 8.55 falling to under 1 in 2010. Yet on "ownership of banks" the US gets a perfect 10 despite the government's acquistion of significant stakes in various large financial institutions in 09-10
The one thing that really made me :lol: was the "sound money" category: the US ranked highest in this category in 2010 then any other and improved in that area notwithstanding the launch of Fed driven quantitative easing at a level totally unprecedented in history.
This is a classic example of garbage in, garbage out analysis. What a waste of paper and effort.
Quote from: The Minsky Moment on September 20, 2012, 09:18:11 AM
The one thing that really made me :lol: was the "sound money" category: the US ranked highest in this category in 2010 then any other and improved in that area notwithstanding the launch of Fed driven quantitative easing at a level totally unprecedented in history.
Yeah, that one had me scratching my head.
So I just saw this study referenced in the elevator tv screen. It'd didn't say who commissioned the study, just that it found that the US had dropped to 18th in freedom.
Wall Street seems to be acting pretty fucking freely these days.