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Lest We Forget (the History of Our Economic Freedom)

by Andrew C. MacDonald on November 11, 2010

Remembrance Day 2010

Each year on November 11th, Remembrance Day is observed in many countries around the world. Whether you are Canadian and know this day as Remembrance day, are American and refer to it as Veterans Day, or come from another area where it may be referred to as Armistice Day, we pause to reflect and remember the sacrifices made by our past generations.

One of the most important ideals our troops fought for was the concept of freedom. As real estate investors, economic freedom is incredibly important and we should truly appreciate the sacrifices made by our veterans in the name of freedom.

Economic Freedom

Each year The Heritage Foundation produces an Index of Economic Freedom which is based 10 key factors:

  1. Business Freedom
  2. Trade Freedom
  3. Fiscal Freedom
  4. Government Spending
  5. Monetary Freedom
  6. Investment Freedom
  7. Financial Freedom
  8. Property Rights
  9. Freedom from Corruption
  10. Labor Freedom

Canada currently ranks #7 on this list of 184 Countries. Sure our taxes might be on the high side, but with so much freedom we have every opportunity to succeed. If you look at a Map of Economic Freedom, you’ll quickly realize we’re surrounded by Economic Freedom. It is also interesting to note that countries with a high level of Economic Freedom are among the most prosperous countries in the World and have the highest standards of living.

The Fraser Institute has a complete report entitled “Economic Freedom of the World” and makes the dataset available for futher study. They define Economic Freedom as follows:

“Economic freedom means that people are free to trade with others, compete in markets, buy what they want, earn a living in a job they choose, keep what they earn, and own things privately. This index indicates the degree to which economic freedom can be found in various countries.”

Even with the cold Canadian winter just around the corner, I think I’ll stay put and enjoy the opportunity right here in Canada. Today I remember, and am incredibly grateful for those who fought to protect my Economic Freedom.

Creative Commons License photo credit: Kelly Mercer Collection

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