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Dedication
Introduction
Organization and Summary
What is Wealth?
The Wealth Creating Process
Measuring the Wealth of Nations
The World’s Richest, Poorest & Middle Class Nations
Economic Freedom and the Wealth of Nations
The Extraordinary US Economy
Early 20th Century and the Progressive Agenda
The Great Depression: 1929-1940
Restoring Prosperity: 1940-1965
The Age of Aquarius & the Reagan Recovery: 1965-1988
At the Dawn of the 21st Century
Summarizing the US Experience
Wealth in the Western Offshoots
Economic Freedom in Europe
Economic Freedom in Hong Kong & Singapore
China’s Classical “Miracle”
India Follows China
Russia: Haunted by its History
Japan: The Sun Also Sets
Latin America’s Winners & Losers
Africa: Lights in the Dark Continent
Summary and Conclusions
Data Appendices
Appendix A Notes on Wages & Salaries
Appendix B GDP per person as a Guide to Wages & Salaries
Appendix C Identifying Classical and Progressive Periods
Appendix D International Comparisons
Appendix E Measures of Economic Freedom
Bibliography
The most important issue in economics is why some nations are wealthy while others are poor. Providing policymakers and advocates with the answer to this question can help to raise living standards and reduce poverty throughout the world.
Two and half centuries ago, Adam Smith answered the question by explaining how economic freedom was the key force in determining the wealth of nations. In 1980, Milton Friedman illustrated the power of freedom and free markets in his book and TV series Free to Choose. Smith and Friedman provided anecdotal evidence showing how people prospered in free countries, but suffered greatly in countries without such freedom.
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The analysis of wealth in the United States goes into more detail than for other countries. This is due to the availability of more detailed historical data as well as to my greater familiarity with US policies and data. For countries outside the US there is a broad overview of policies and economic performance. The overview relies mainly on historical measures of economic freedom provided by the Fraser Institute and the Heritage Foundation. Measures of economic conditions rely on estimates of output per person based on data from the International Monetary Fund and Angus Maddison’s The World Economy.
Throughout this book, the primary focus of the analysis is on long-term growth trends. There is no attempt to deal with short-term cyclical movements in the economy. Short-term changes in business conditions are often associated more with changes in monetary policy than with changes in government spending, regulations and taxes. Monetary policy and its impact on business cycles is a topic for another book.
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