Thursday, March 26, 2020

Fact Check: Socialism Kills!

It's way too early to close the book on this, but there's already a strong correlation between economic freedom and COVID death rates.  Free markets save lives, and an unfree market (ie: socialism) kills.

To make this graph, I took the top 100 countries in the Heritage Foundation Index of Economic Freedom and calculated the Case Fatality Rate (CFR) as of 3/26/20 based on raw data from Worldometers.

I only included countries that had both significant COVID cases and could also be considered reasonably reliable data sources.  (China is not in the top 100, and I don't trust their numbers anyway.)

I'll update this periodically, and we'll see if it holds.  Below is the raw data.

(Note: The two outliers in the first quadrant are UK and Netherlands, which both have socialized medicine yet relatively free economies.  Again, it's very early in the progression of this pandemic, and there's a lot of data uncertainty.)



Country
Economic Freedom
Cases Fatalities  Case Fatality Rate
Singapore
1
683 2 0.29%
Hong Kong
2
453 4 0.88%
Australia
4
2806 13 0.46%
Switzerland
5
11811 191 1.62%
Ireland
6
1564 9 0.58%
United Kingdom
7
11658 578 4.96%
Denmark
8
1877 41 2.18%
Canada
9
3897 37 0.95%
Estonia
10
538 1 0.19%
Iceland
13
802 2 0.25%
Netherlands
14
7431 434 5.84%
Chile
15
1306 4 0.31%
Lithuania
16
299 4 1.34%
United States
17
81864 1173 1.43%
Luxembourg
19
1453 9 0.62%
Finland
20
958 5 0.52%
Sweden
22
2840 71 2.50%
Czech Republic
23
1925 9 0.47%
Malaysia
24
2031 23 1.13%
Korea, South
25
9241 131 1.42%
Israel
26
2693 8 0.30%
Germany
27
43646 262 0.60%
Norway
28
3346 14 0.42%
Austria
29
6847 49 0.72%
Japan
30
1399 47 3.36%
Romania
38
1029 22 2.14%
Thailand
43
1045 4 0.38%
Poland
46
1221 16 1.31%
Belgium
48
6235 220 3.53%
Indonesia
54
893 78 8.73%
Portugal
56
3544 60 1.69%
Spain
58
56197 4145 7.38%
France
64
29155 1696 5.82%
Philippines
70
707 45 6.36%
Turkey
71
3629 75 2.07%
Greece
100
892 26 2.91%





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