Earlier quoted context omitted.
Haiti on the bottom of economy freedom rating [1] and corruption rating [2]. Haiti has huge anti-free market red tape and rampant corruption. It means that Haiti did declare a war against free markets. Free market economy is possible only in country with strong property rights, rule of law with no corruption, and no red tape. All countries which adopted these principles are rich and have very high standard of living.…
*no red tape Those three words are where things get complicated. In a general sense red tape is the difference between a laissez faire economy and a free market economy, if you mean government regulation when you say red tape. Though by red tape you might also mean anti-competitve regulations implemented at the behest of a firm or sector of the economy. In that case it is still very important to acknowledge that free…
Free markets do require very strong laws but these laws should be:
1) In favour of strong property rights;
2) Equally friendly to new enterprises/small business/big business;
3) Lean, not over-complicated;
Basically role of the government is to keep highly competitive economic enthronement without favouritism.