This article constitutes edited text from the Economic Freedom of the Arab World: 2015 Annual Report.
Arab and Islamic societies have a rich trading tradition, one that celebrates markets open even to the humblest members of society. Yet in recent decades, elites in many Arab nations have controlled economic activity for their own benefit. They have used onerous regulation and a corrupt rule of law to deny opportunity for others.
A new economic vision is thus needed for the Arab world to move forward – one of economic freedom and open markets that create hope and opportunity equally for all. Economic freedom is the extent to which one can pursue economic activity without interference from government. It is built upon personal choice, voluntary exchange, the right to keep what you earn, and the security of one’s property rights.