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Fall 2005
ISSN 0890-913X
Volume 21, Number 1

Political Freedom, Economic Freedom, and Prosperity: International Trade Policy as a Measure of Economic Freedom

Lawton Lanier Nalley,
Andrew Barkley,
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/jpe/index.php?action=ajax&rs=GDMgetPage&rsargs[]=Fall2005 8.pdf&rsargs[]=0
JournalofPrivateEntoprise,VolumeXXI,Fall2005PoliticalFreedom,EconomicFreedom,andProsperity:InternationalTradePolicyasaMeasureofEconomicFreedomLawtonLanierNalleyandAndrewBarkley"Ibelievethatfreesocietieshavearisenandpersistedonlybecauseeconomicfreedomissomuchmoreproductiveeconomicallythananyothermethodofcontrollingeconomicactivity."(MiltonFriedman,ForewordinGwartney,etal.,1995)SincethetimeofAdamSmith,ifnotbefore,economistsandeconomichistorianshavearguedthatthecentralingredientsforeconomicprogressincludefreedomtochooseandsupplyresources,competitioninbusiness,tradewithothers,andsecurepropertyrights(NorthandThomas,1973).In1962,MiltonFriedmanboldlyassertedinCapitalismandFreedomthateconomicfreedoms,intheformoffreemarkets,andpoliticalfreedoms,intheformofcivillibertiesanddemocracy,werenecessaryconditionsfortheattainmentofhighlevelsofpercapitaincome.Theobjectiveofthisresearchistomeasuretheimpactofpoliticalandeconomicfreedomoneconomicgrowthforacross-sectionofnationsduringthe1970-2000timeperiod.InCapitakIrmandFreedom,Friedman(1962)contendedthatpricesupportprogramsinagricultureandtradebarrierswerenotonlyunjustifiable,buthamperedeconomicgrowth.Today,itiswidelyacceptedamongeconomiststhat,ceterisparibus,countrieswithfewerrestrictionsontradewillgrowfasterthanthosenationsthatplacerestrictionsorbarriersontrade.DuncanandQuang(2004)foundthattradeliberalizationcanLawtonLatherNalleyandAndrewBarkley123
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