The Patriot Post® · There Is No Wealth Without Economic Freedom

Walter Williams: “People with limited understanding make the mistake of making a link between economic freedom and democracy. There is no such necessary link. India, for example, politically is a democracy. Economically, it is mostly unfree and poor, ranking 128th on the 2015 Index of Economic Freedom. There are countries much higher on the economic freedom index that do not have much of a history of democracy, such as Chile, now ranking seventh, and Taiwan, 14th, yet these countries are far wealthier than some of their more democratic counterparts. Why? It’s because their economic systems are free or mostly free, something that is not guaranteed by a democratic political system. The bottom line for why some countries are rich while others are poor is best-explained by the amount of economic freedom.”