America first and the US leadership in economic freedom Cover Image

America first a amerykańskie przywództwo w sferze wolności gospodarczej
America first and the US leadership in economic freedom

Author(s): Andrzej Kondratowicz
Subject(s): National Economy, Public Finances
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: USA economy; America first; Donald Trump; economic freedom; American economic policy; economic populism; economic nationalism

Summary/Abstract: The article analyzes the chances of the United States regaining the world leadership in economic freedom. Present and past levels of economic freedom, as well as the respective international rankings are assessed using the Economic Freedom Index (EFI) by Fraser Institute (1970–2015) and the Historical Index of Economic Liberty by Prados de la Escosura (1850–2007), respectively. Future EFI values for the US are forecasted using both quantitative and qualitative methods. It is shown that the US currently is not the world leader in economic freedom. According to available historical estimates, it was not the world leader between 1850–1935/39 either, but it may be considered one in the period 1935/39–1970. Probability of the US regaining the leadership in the years to come seems low. To the contrary, one can suspect that Donald Trump policies will cause both a decrease in the US EFI level and in its position in the world ranking. The article also deals with political and ideological bases of Trumponomics, i.e. of the economic policies of the Trump Administration.

  • Issue Year: 2017
  • Issue No: 3
  • Page Range: 285-313
  • Page Count: 18
  • Language: Polish