Attached is a ranking of various countries in terms of economic freedoms. Needless to say, standards of living ranking would just about mirror this ranking.
I used to believe US prosperity was due, in part, the numerous natural resources at our disposal but if that were the case how does one explain Hong Kong. Hong Kong is essentially a giant rock in the middle of the ocean, no natural resources and no easy transport to and from the island. I guess one could offer that because Hong Kong is an oasis in an otherwise communist China, it derives much of it's economic activity. Or maybe, it's economic freedom is what makes it the oasis it is.
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