What is the relationship between political freedom and economic freedom?
Answers
Explanation:
In my opinion, there is lack of political freedom in the developing. Any country cannot achieve political freedom until and unless a country is economic free. As Economic Freedom “is the Foundation of All Freedom” because any nation’s constitutional amendments, attempts to pass a law will be wasted if there is no eoconomic freedom.
Let’s concerning the issues arises in the developing nations that why they are lacking behind in the race of development or economic progress. I think it’s because of no economic freedom when there is no economic freedom the markets are governed by the central government and there are entry barriers to the market so the market and economy cannot flourish. But how to make the markets free? The only point that clicks my mind is due to political freedom. When there is politically free environment then people have right to choose their leaders but due to rigging in elections people are unable to choose the leaders of their own choice. They have no personal rights. The political leaders want to achieve their own goals and meet their personal end that’s why country’s or nation’s progress/development is lacking behind.
The above table shows the eras.
1947-58: This era was democratic. There is political freedom as well as economic freedom. But there is less economic development in that era.
1958-69: This era was ruled by Military by General Ayub Khan. As this era is military, martial law was imposed and there is no political freedom. But economy flourishes in that era.
1971-77: This era is democratic, ruled by Zulfiqar Ali Bhutto (Pakistan People Party- chairman). As in this era there is political freedom but there is no economic freedom. The economic development was very low.
1977-88: This era was ruled by Dictator Gen. Zia ul Haq. There is economic freedom but no political freedom but more development.
Singapore economy is growing due to free markets and economic freedom which in turn helps to stabilize the political freedom in the nation. The government continues its ownership in the sector but has steadily been opening the domestic market to foreign banks.
Growth opportunities for business sectors are effectively dependent on the quality of economic governance. The intentions to accumulate higher profits can lead to inequality in the society. For this purpose there should be economic freedom as well as political freedom in order to avoid inequality in the society.
It is necessary for developing nations to focus on its economic freedom. Less developing nations should generate consistent policies that can strengthen freedom at the community level and also at the country level. Government should boost up entrepreneurial activities, innovation, and research in order to enhance economic freedom and should also focus on strong property rights, free trade, rule of law, free markets to bring stability and prosperity in a nation.
In the end it is concluded that economic freedom is important for a nations growth, economy etc and it covers all of the aspects which are necessary for a nations development. Political and economic freedom is important for entrepreneurship, economic development, prosperity of the nation. If a nation wants to be developed then a nation must focus on political freedom as well as economic freedom.
I would like to conclude with a statement/suggestion/recommendation that “If a government wants to provide welfare to the people and equality in the society then the government should focus on economic freedom. So a developing nation should stand and compete with the developed nations”.