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Global Economic Freedom Is An Issue That We As Conscious Business People Should Be Aware Of. It Is Not Enough Just To Know The Rules And Laws That Govern The Economic System In One's Own Country.

1751 words - 7 pages

Global Economic Freedom is an issue that we as conscious business people should be aware of. It is not enough just to know the rules and laws that govern the economic system in one's own country. With the continued expansion in global business it is almost certain that a business dealing with foreign countries will need to have a general idea about the foreign countries economic system and the general rules and laws that govern that economic system. Depending on the country's economic system, whether it is free or not, can have a substantial impact on whether a business can be profitable in a foreign country and therefore will have an influence over whether a company operates or has business relations in a specific country.With this in mind I will discuss what Economic Freedom is and will also examine the national economies of the United Kingdom, which is ranked economically free at #7, and Iran, which is ranked economically repressed at #151. I will examine these countries by comparing and contrasting the two to determine why the United Kingdom is economically free and why Iran is not economically free.Economic Freedom is defined by the Wall Street Journal as "the difference between financial poverty and financial prosperity." An easy way to understand this concept, as illustrated by the Wall Street Journal, is to look at the Gross Domestic Product per-capita incomes of the countries in question and compare the two. According to the article "Who's Free, Who's Not" in the November 1, 2000 issue of the Wall Street Journal, a repressed economic country's GDP per-capita income is around $2,800 per year compared to the GDP per-capita income of an economically free country, which is around $21,200 per year. If we look at the countries under examination we see that the United Kingdom has a per-capita income of $20,237. Comparing this number against Iran's per-capita income of $1,275, we can see that the citizens of the United Kingdom enjoy a higher standard of living, which reflects upon a more prosperous economy equaling a greater level of Economic Freedom.Now that you have an idea of what Economic Freedom is it is now time to examine the two countries in question and determine why one is economically free and why one is economically repressed. The Heritage Foundation ranks a country's economic freedom. Each year the Heritage Foundation publishes the "Index of Economic Freedom." The index lists countries economies as Free, Mostly Free, Mostly Unfree and Repressed. Countries are categorized into these fields by a point system of 1-5, 1 being free and 5 being repressed. The score of 1-5 is derived from the examination of ten different sectors of the economy. Those sectors are Trade Policy, Government Intervention, Foreign Investment, Wages and Prices, Regulation, Fiscal Burden, Monetary Policy, Banking and Finance, Property Rights and Black Market activity. Each of these sections is ranked 1-5 and the overall ranking is derived from these numbers.Now...

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