Quote note (#234)
Here’s another bone for the local liberty crushers to gnaw at:
Countries as varied as Hong Kong, Singapore, New Zealand, and Botswana that experienced dramatic economic growth and prosperity all shared the following practices and institutions: private property rights, the rule of law, low costs of market entry, and trade liberalization. All of these variables are critical components for an economically free environment that encourages entrepreneurship and wealth creation. […] In sum, if there are no sound institutions in place, namely private property rights and the rule of law, economic prosperity is virtually impossible to achieve no matter how many brilliant people and natural resources your country has.
Heritage is (mostly) measuring the right things.