With this in mind I will discuss what Economic Freedom is and will also examine the national economies of the United Kingdom, which is ranked economically free at #7, and Iran, which is ranked economically repressed at #151. I will examine these countries by comparing and contrasting the two to determine why the United Kingdom is economically free and why Iran is not economically free.

Economic Freedom is defined by the Wall Street Journal as “the difference between financial poverty and fin

As you can see, Global Economic Freedom is an issue that we as business people should be concerned with. It is not enough to only know the rules and laws that govern our own economic system because with global expansion in business today you never know where you may be operating a business. This paper has given a general idea as to what Economic Freedom is and has shown this by giving examples of the characteristics of an economically free country versus the characteristics of an economically repressed country. Hopefully, the reader has a better understanding of what Global Economic Freedom is and how to differentiate between a country that is economically free and one that is not economically free.

The United Kingdom is ranked #7 by The Heritage Foundation as one of the freest economies in the world. Its 2001 overall ranking is 1.80, and this score is derived from low scores in each of the ten ranking categories. Over the past six years the United Kingdom has maintained a substantially low overall score and has remained one of the world’s freest economies. The scores for the United Kingdom have ranged from 1.90-1.80, which shows economic stability and continued growth in economic freedom. The United Kingdom has a GDP of $1.2 trillion, a GDP growth rate of 2.1%, exports of $343 billion and imports of $356 billion. According to the Index of Economic Freedom, the ranking of the United Kingdom dropped from 1.90 in 2000 to 1.80 in 2001, due to several factors. The first reason why the ranking dropped/strengthened is because of the government’s continued support of market deregulation. Market deregulation allows the economic system to become more competitive. When the government regulates businesses it takes away their drive to compete with one another for customers. Deregulation allows businesses to compete with one another for customers and it allows the market to set its own prices and therefore set the direction it plans to go.

Iran is ranked #151 by The Index of Economic Freedom as one of the most repressed economies in the world. In 2001, Iran achieved a ranking score of 4.70, which is derived from high scores in each of the ten ranking categories. Over the past five years Iran has had a very high economic freedom score and remains one of the world’s most repressed economies. It is currently tied with its all-time high score, which was first reached in 1997. This continued rise in the economic freedom score shows a very unstable and volatile economy. Iran’s current Gross Domestic Product is $79 billion, the GDP growth rate is 1.7%, the GDP per-capita is $1,275, exports total $20.2 billion and imports total $13 billion. According to the Index of Eco

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