Canada no longer among top 10 most economically free countries
In a global ranking of 159 countries and territories, Canada has fallen from the top 10 countries in economic freedom for the first time ever—and things are getting worse.
Economic freedom is the ability of individuals and families to make their own economic decisions free of government interference—what to buy, whether to start a business, where to work, whom to hire, and so on. Research from around the world has demonstrated that more economic freedom spurs economic growth and prosperity, along with a number of other positive outcomes such as women’s progress, democracy and peace.
Some quick history. Pierre Trudeau became prime minister in 1968. And the first measurement of economic freedom took place in 1970—Canada was third in the world (with a score of 8.0 out of 10 on the economic freedom index). During the Trudeau years, economic freedom in Canada declined, then rose in the 1980s and was above 8.0 most years from 1990 onward, particularly after the “Chretien Consensus”—the effort by Ottawa and several provinces to get spending, deficits and debt under control and introduce more competitive economic policies.