[Class title]
Introduction Economic freedom refers to a state or condition wherein people and organizations can do business freely without being ruled over or being subject to any restrictions or limitations. In his seminal work, ‘An Inquiry into the Nature and Causes of the Wealth of Nations,’ Adam Smith, a British philosopher and economist, argued that laissez-faire, or the doctrine that industries and markets functions best if they are unregulated and free, is best for the economy. Smith believes that if the markets are unregulated, traders and merchants will compete against each other in order to provide better products ...