The key ingredients of economic freedom are personal choice, voluntary exchange, freedom to compete, and protection of persons and property. Economic freedom liberates individuals and families from government dependence and gives them control of their own future. Empirical research shows that this spurs economic growth by unleashing individual dynamism.
It also leads to democracy and other freedoms as people are unfettered from government dependence. Economic Freedom of the World is the most comprehensive index of economic freedom in the world and the only one that uses reproducible measures appropriate for peer-reviewed research. The 2004 annual report explores the evolution of economic freedom over the last quarter century and the impact of economic freedom on peoples lives.