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Essay Contest
Deadline: May 31, 2007. If you are looking for information on our 2006 Essay Contest Winners, click here.

Does economic freedom help explain why the standard of living improves in some countries and declines in others?

Despite an overall rise in global standards of living during the last century, conditions have not improved equally in every country. One country's policies and institutions may improve the well being of its people, while another country's policies and institutions lead to decline.

In the last 10 years, The Index of Economic Freedom has emerged as a powerful tool to analyze these patterns of poverty and prosperity. In attempt to better understand why some flourish while others fail, the Index analyzes countries based on ten different types of freedom (Business Freedom, Trade Freedom, Fiscal Freedom, Freedom from Government, Monetary Freedom, Investment Freedom, Financial Freedom, Property Rights, Freedom From Corruption, and Labor Freedom).

Your task is the following. In 600 - 2500 words:

Pick two countries — one where there has been a significant rise in living standards and one that has struggled to develop. Some examples may be South Korea and North Korea, Taiwan and China, Chile and Bolivia, or Botswana and Zimbabwe.

Use the Index of Economic Freedom as a launching point to research your two countries. Analyze how policies and institutions have affected the living standards in each country. Based on your research, argue for or against a role for economic freedom in the path to more opportunity and prosperity.

Winning essays will:

• Apply or show an understanding of Economic Freedom and its relationship to your countries' policies, institutions, and standard of living
• display your own unique, strong and creative voice.

First Prize: $2000, Second Prize: $1250, Third Prize: $750
Honorable Mention (4): $250
Authors of the top 30 essays will receive a free book.

Submission Deadline: 11:59 P.M. EST on May 11, 2007 May 31, 2007!
For further details, requirements, and guidelines, be sure to read the Essay Contest FAQ.

To help you get started researching your countries policies and institutions, here is a shortlist of resources:

• 2007 Index of Economic Freedom (free registration, book available as pdf)
• Economic Freedom of the World Report (includes Economic Freedom of North America and Economic Freedom of the Arab World)
• IMF Country Page
• World Bank Development Data & Statistics