The Top 25 Most Economically Free Countries in the World (2021): Taiwan (Republic of China) — 9.02
Hong Kong (China SAR) — 8.91
Singapore — 8.81
New Zealand — 8.56
Switzerland — 8.48
Georgia — 8.26
United States — 8.24
Ireland — 8.21
Lithuania — 8.21
Australia — 8.20
Denmark — 8.17
Mauritius — 8.16
United Kingdom — 8.15
Estonia — 8.11
Canada — 8.06
Malta — 8.03
Armenia — 8.03
Japan — 7.98
Latvia — 7.94
Finland — 7.92
Germany — 7.91
Iceland — 7.90
Spain — 7.89
Cyprus — 7.89
Romania — 7.88
Czech Republic — 7.87
Cuba, China, and North Korea are examples of mixed economies that hew closer to a command economy than a free market economy.
Market Economy - Key takeaways
A free market economy and market economy are used interchangeably.
Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy.
A market economy is governed by supply and demand.
The most important advantages of a market economy include efficient allocation of resources, competition driving innovation, consumer sovereignty, and flexibility to adapt to changing market conditions.
Disadvantages of a market economy include inequality, negative externalities, limited government intervention, uncertainty and instability, and lack of public goods.
The distribution of available resources for diverse purposes is referred to as