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Write on two neighbouring countries with different economic policies and explain the outcomes of the economic health with countries with similar cultures and geographic locations but different stages of economic freedom
What Makes Some Countries More Economically Prosperous Than Others Do?
Length: 4 pages (1100 Words)
What makes some countries more economically prosperous than others do?
The index freedom gap is a roadmap for countries desiring to grow dynamically prosperous. The rules of freedom are not complex, meaning that lasting prosperity comes out of the commitment to low taxes amidst other factors. According to Vukovic (n.d.), studies show that limited government involvement, open global trade, and sensible regulation are all factors that contribute to the economic prosperity of some countries over others. When combined, the factors can empower entrepreneurial activity in countries. The supply side economics that Ronald Reagan introduced in the US is a primary operating principle for most countries worldwide. The supply model holds that remaining attentive to the stifled tax cuts are proffered policy solutions for economic woes (Vukovic n.d.). Despite the protests of tax cuts, for the rich, the world continues to note the impacts of sustained tax rates on a country’s growth. Additionally, efficient laws, open markets, and good regulatory structures are central to achieving prosperity for any country. Other politicians have listened and taken action, while others have not, thereby explaining the living standards of countries. This essay is a comparison of two neighboring countries pursuing different economic policies and their results. Economic policies will explain the outcomes of the economic health of neighboring countries with similar cultures and geographic locations but at different stages of economic freedom.