The United States’ reputation as home to one of the world’s freest economies continues to decline, according to an international report released Tuesday.
The U.S. dropped to 18th worldwide, compared to 10th in 2008 and third from 1980 to 2000, the 2012 Economic Freedom of the World report found. The findings are based on information through 2010.
“The U.S. is on the wrong track,” said co-author James Gwartney, a Florida State University economics professor.
He says the 48-page report shows countries with the freest economies grew more rapidly and achieved higher income levels for citizens, while the United States' decade-plus course of government expansion, increased debt and regulation and other moves created a “system of crony capitalism.”
“The declining economic freedom rating of the U.S. provides confirmation of this trend,” Gwartney concludes.
keyboard shortcuts: V vote up article J next comment K previous comment