Monday, April 11, 2011

Global belief in free market

There is one interesting chart from The Economist daily chart, April 6th 2011. There is a disconnect, however, between the title, "Market troubles" and the chart, below.

Of the 16 countries showed above, 13 have more than 50 percent of their people who believe in the free market system. Only 3 countries, Japan, France and Turkey, have less than 50 percent of their people who do not agree with the free market system. Meaning they believe in more government intervention.

So it does not appear to be "market troubles" but rather "market belief".

Now here is the original chart from the Globescan, also dated April 6, 2011. It was drawn from 12,884 interviews across 25 countries, people were asked, "The free market system and free market economy is the best system on which to base the future of the world." People choose whether "Strongly Agree", "Somewhat Agree", "Somewhat Disagree", and "Strongly Disagree". Click on the chart to get a larger image.

A. Above 50 percent Agree: (19)
1. US, 59%
2. Canada, 59%
3. Brazil, 77%
4. Colombia, 57%
5. Mexico, 57%
6. Germany, 68%
7. Italy, 61%
8. UK, 55%
9. Russia, 52%
10. Spain, 52%
11. Kenya, 61%
12. Nigeria, 58%
13. Ghana, 57%
14. China, 67%
15. Philippines, 65%
16. India, 59%
17. Indonesia, 55%
18. Australia, 54%
19. Pakistan, 51%

B. 50 percent or below Agree (6)
Ecuador, Peru, Chile; France, Turkey; Japan

I am glad that the Philippines has a high percentage of respondents who have belief in economic freedom, in the free market and free enterprise, and have little belief in more government intervention, regulation and high taxation. Well, seeing the huge volume of government failure and government corruption in many sectors in the Philippine economy, it is not hard for Filipinos to choose economic freedom over government coercion.

See related story, Market Market, Free Market

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