Economic freedom, 1950-2020

Ryan H. Murphy

Chapter 4 in Handbook of Research on Economic Freedom, 2024, pp 47-58 from Edward Elgar Publishing

Abstract: This chapter constructs the most precise description of worldwide economic freedom from 1950 to 2020 currently available. It does so by chain-linking data at the country level to account for the compositional bias concerning which countries happen to have data available in a given year. In the absence of this correction, the extent of improvements in economic freedom (i.e., liberalizations) is understated. This exercise is repeated for the years 1950-2020 to assess different regions of the world and for 1970-2020 to assess different areas of economic freedom. Globally, liberalizations persisted overall up through 2019, but the extent of the damage caused by COVID-19 to the institutional environment, already clearly significant, may be understated due to the recent lack of updates to certain data.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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