A Country's Income: Economic Freedom and Doing Business

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Introduction
Different countries’ economies can be broken down into subsections based on a number of factors. One of these sections is based on their income. The first of which is lower-income economies. In these economies, the average income is at $1,035 or less. There are middle- income economies with incomes falling between $1,036 and $12,615. And lastly there are higher-income economies which bring in $12,616 or more. We have chosen to study and analyze economies in each income level: Kenya from the lower-income economy, Jamaica from the middle-income economy, and Netherlands from the higher-income economy. The information can be gathered from two different indexes: Economic Freedom and Doing Business.
Review of Indexes
The first of these two indexes is the Index of Economic Freedom. The Index of Economic Freedom is published each year by The Wall Street Journal and The Heritage Foundation. An economically free society, government only intervenes when necessary. Capital and goods is able to move freely without intervention from the government. This allows for a more successful society. The index measures economic freedom based on ten different factors which are grouped into “four pillars of economic freedom”. These “pillars of economic freedom” are: rule of law, limited government, regulator efficiency and open markets. The first subsection of rule of law is property rights. This is an evaluation of the ability of individuals to own private property and have these rights enforced by the state. The second subsection is freedom from corruption. Because corruption is detrimental to economic freedom by instituting instable relationships between economies, it is imperative that an economy remain free from it.
The second pillar...

... middle of paper ...

...cessful modernized country. With some major readjustments, Jamaica and Kenya have the capability to become thriving and successful nations.
References
"About The Index." 2014 Index of Economic Freedom. Heritage Foundation. Web.
"Jamaica: Country Overview." Encyclopedia of the Nations, n.d. Web. 04 May 2014.
"Jamaica." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. The Heritage Foundation, n.d. Web. 04 May 2014.
"Kenya." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. The Heritage Foundation, n.d. Web. 04 May 2014.
"The Netherlands." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. The Heritage Foundation, n.d. Web. 04 May 2014.
"Netherlands." The World Fact Book. Central Intelligence Agency, n.d. Web. 02 May 2014.
World Bank. "About Doing Business: Measuring for Impact." World Bank, 2011. Web.

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