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Tourism Industry - Research Paper Example
Pages 21 (5271 words)
The definition of economic freedom encompasses all liberties and rights of production, distribution or consumption of goods and services. The highest form of economic freedom provides an absolute right of property ownership, fully realized freedoms for the movement of labor, capital and goods, and an absolute absence of coercion or constraint of economic liberty beyond the extent necessary for citizens to protect and maintain liberty itself.(methodology;measuring the 10 economic freedoms-William W Beach and Time kane;page 1.Please reference this appropriately with the name of the book or journal you've taken this file from)
It was gauged to be 60.4% free. Starting a business requires 63 days compared to a world average of 48 days. Acquiring licenses is relatively easier than shutting down a buiness.However, the national regulatory environment exercises considerable control over the freedom to start, operate and close a business venture.
Financial freedom is a measure of banking security as well as the extent of government intervention. State ownership of financial entities like banks and insurance companies has adverse effects on the free functioning of the market.
On the financial front there is substantial State interference in the UAE.There are restrictions on foreign ownership(with a cap of 49% on foreign stake)of companies listed on the stock exchange, while some companies prohibit foreign ownership altogether. There are 21 domestic banks and 26 foreign banks currently and no new bank licenses have been issued since the mid eighties. ...