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Economic Freedom and Living Standards

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Submitted By lindaloo2
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Economic Freedom and Living Standards
April 24, 2008
Research Paper
Sweden, Ivory Coast, India, North Korea, Singapore, and Brazil
April 24, 2008

Research Paper: Sweden, Ivory Coast, India, North Korea, Singapore, and Brazil

A country with a free economy have a higher standard of living than countries with poor economies. The standard of living can be determined by the overall economic standing, policy or reforms, political, social, and cultural conditions that a country displays. These factors can be measured in different ways such as the GDP, population, history, and various sources. In this paper, I will examine the economic structure of six countries and emphasize factors that contribute to the standard of living.
Sweden is the world's 27th freest economy. According to the 2008 Index of Economic Freedom (IEF), it has an economy that is 70.4% free. Services, industry, and agriculture account for 59.8%, 38%, and 2.8% of GDP (World Factbook). It relies heavily on international trade, accounting for more than 50% of GDP. Main exports include paper products, machinery and transport equipment, and chemicals. The population is 9 million with a GDP of about $308.9 billion. Citizens are provided with a broad spectrum of public services and social welfare benefits that guarantee a minimum living standard and all residents are covered by national health insurance (Soldenberg). It is known to have one of the highest living standards in the world.
Factors affecting economic freedom and living: 1. The ethics and adherence to the system in Sweden is very favorable to Swedes. The government is a socialist government. Judging by its social welfare benefits, the well-being of the people is tremendously considered in the system. Swedes are very pleased and very strongly support the welfare state (Sodenberg). Elections elections are held...

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