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.

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