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Relationship of Economic Freedom to Economic Performance, Gender Equality, and Social Progress

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  • Hannah Michelle Russell
  • Wayne Tervo
  • Donald L. Ariail
  • Lawrence Murphy Smith

Abstract

This study examines the relationship of economic freedom, as measured by the Economic Freedom Index, to economic performance (GDP), gender equality, and social progress. Prior research suggests that business activity is more robust in societies that are more economically free with lower government involvement. Modern business firms must do more than just make a financial profit; firms must also be good corporate citizens and demonstrate corporate social responsibility, such as by advancing gender equality and general social progress. Business managers play key roles in their firms’ advancing corporate social responsibility. Findings of this study indicate that higher levels of economic freedom are significantly positively related to the social factors of gender equality and social progress, important issues to socially responsible business firms.

Suggested Citation

  • Hannah Michelle Russell & Wayne Tervo & Donald L. Ariail & Lawrence Murphy Smith, 2020. "Relationship of Economic Freedom to Economic Performance, Gender Equality, and Social Progress," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 21(4), pages 171-190, October.
    • Handle: RePEc:wej:wldecn:819
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    Cited by:

    1. Quan-Jing Wang & Yong Geng & Xi-Qiang Xia, 2021. "The Impact of Globalization on Forest Growth: Evidence from Multinational Panel Data," IJERPH, MDPI, vol. 18(24), pages 1-19, December.
    2. Reveilhac Maud & Eisner Léïla, 2022. "Political Polarisation on Gender Equality: The Case of the Swiss Women’s Strike on Twitter," Statistics, Politics and Policy, De Gruyter, vol. 13(3), pages 255-278, November.

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