Economic Freedom

[Writer's Name]

[Name of the Institution]

Economic Freedom

Introduction

The essay is aimed at describing the economic freedom and its increasing importance in today's world of globalization. Few of the demands are selected from the Wall Street Journal, and an effort is made to provide the team views on the selected demands. Finally, the conclusion is drawn based on the understanding developed from the team views.

Discussion

Economic freedom is about the choice of producing, selling and making use of one's own resources. It provides the opportunity to live an improved quality of life (www.economicfreedom.org).

Demand#01- Restoration of the living wage

As the world statistics and the global economic survey reports are indicating that the freedom economy in the US has gone down in comparison to the UK and Canada., This has a severe impact on the economic health of the country that is giving birth to the economic diseases such as unemployment, lower standard of living, increasing cost of living (Durden, 2012). All these issue could be addressed by putting an end to the concept of free trade. The trade tariffs should be re-imposed to curb the increasing import level of the country which has been a burden on the health of the US economy. Instead, the locally produced goods and services should be encouraged to use which will assist the domestic manufacturing industries to reactivate their contribution in the economy. Secondly, the government must keep into focus the internal matters of the country and its public (Anderson, 2012). The policy of minimum wages is required to be revamped, and an appropriate standard of minimum wage rate must be set to provide support to living in the country.

The trade tariffs are not the solution to the increasing slump of the US economy; it will only create barriers in the US trade relationships with the rest of the ...