Source: Cato Institute, which promotes "public policy based on individual liberty, limited government, free markets, and peaceful international relations."
From the press release:
Economic freedom around the world remains on the rise but it has declined notably in the U.S. since the year 2000, according to an authoritative study released today by the Cato Institute and Canada’s Fraser Institute.
In 2000 the U.S. was the second-freest economy listed in Economic Freedom of the World, an annual report written by James Gwartney from Florida State University and Robert Lawson from Auburn University. This year the U.S. has fallen to 8th place, behind Hong Kong (ranked in first place), Singapore, New Zealand, Switzerland, the United Kingdom, Chile, and Canada.
More significant than the U.S.’s drop in the rankings is its fall in the freedom ratings: on a scale of 0-10, the U.S. fell from 8.55 in 2000 to 8.04, according to the Economic Freedom of the World Report: 2008 Annual Report. Only five countries have experienced a greater decline over the same time period: Zimbabwe, Argentina, Niger, Venezuela, and Guyana.
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