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How can this be accomplished? What provision would a constitution de-signed to promote economic prosperity and stability contain? Several proposals flow directly from the analysis. Within the American context, it is believed that the following seven provisions would provide the core for an Economic Bill of Rights that would promote economic progress:

a. No government shall use its regulatory powers to take private property, either partially or in its entirety, for public use without paying the owner the full market value of the property taken.

What Everyone Should Know About Wealth and Prosperity

In recent years state and local governments in particular have used reg-ulations to take or control private property without compensation, even though the property owner had violated the rights of no one. The courts have generally allowed them to do so as long as a legislative body deemed that the action was “in the public interest” or that the taking did not deny the owner all uses of his or her property. This is an open door to abuse that must be closed.

b. The right of individuals to compete in a business or pro-fession and/or buy and sell legally traded goods and serv-ices at mutually acceptable terms shall not be infringed by congress or any of the states.

The freedom of individuals to compete in business and engage in vol-untary exchanges activities is a cornerstone of both, economic freedom and progress. Price controls, business and occupational entry restraints, laws restricting the exchange of goods and services across state bound-aries, and other government regulations that restrain trade should be pro-hibited.

c. Congress shall not levy taxes or impose quotas on either imports or exports.

The US Constitution already prohibits the imposition of these trade re-straints on exports. This prohibition should also be extended to imports.

The freedom of trade is a basic human right, just like freedom of speech and freedom of religion. There is no reason why Americans should not be permitted to buy from and sell to whoever will give them the best deal, even if the trading partner lives in another country.

d. A three-fourths approvals of both Houses of Congress shall be required for all expenditure programs of the fed-eral government; at least two-third approval of the leg-islative branches of state government shall be required for the approval of expenditures by state governments.

Remember, if a project is really productive, there will always be a method of finance that will result in everyone gaining (see part 3, element 1).

Thus, the super-majority's provisions need not eliminate projects that truly increase wealth. They will however, make it more difficult for special in-terest to use government as a tool for plunder. They will also help keep the spending activities of government at the local level where the com-petition among governments provides a stronger incentive to serve the interests of all citizens.

e. A three-fourth approval of both houses of congress shall be required before the federal government is permitted to borrow any funds to finance a deficit in its annual budget.

This will reduce the inclination of congress to spend beyond its means.

f. A three-fourth approval of both houses of congress shall be required for the federal government to mandate any expenditure by either state governments or private busi-ness firms.

If this provision is not included, congress will use mandated expenditures to escape the prior spending and borrowing limitations.

g. The function of the Federal Government Reserve System (Fed) is to maintain the value of the currency and establish a stable price level. If the price level either increases or decreases by more than 4 percent annually during two consecutive years, all Governors of the Federal Reserve System shall be required to submit their resignations.

This provision would make it clear what the Fed is supposed to do. If the Fed establishes monetary stability, it is doing its part to promote economic stability and progress.

What Everyone Should Know About Wealth and Prosperity

Economic analysis indicates that these provisions would help promote economic progress and limit the inclination of politicians to serve spe-cial-interest groups. This would be a positive step towards the restoration of a government based on mutual agreement rather than on power to plunder.

Before constitutional rules consistent with economic progress can be reestablished, however, the intellectual fabric underlying the case for lim-ited government must be mended. The case must be a case aside that myth that popular elections are the distinctive feature of the American political process. It must be recognised that it is one thing to determine our political leaders by majority vote and quite another to determine what government will do by majority rule. Limited government, not majority rule, is the key to economic progress. The sooner we learn this important point, the more free and prosperous we will be.

Economic Freedom and Governance in Pakistan

Though constitution of Pakistan protects individual rights and private ownership, the regulatory institutions e.g. State Bank of Pakistan, Se-curities and Exchange Commission, Competition Commission and Na-tional Electric Power Regulatory Authority, Pakistan Electronic Media Regulatory Authority, Oil and Gas Regulatory Authority and other public institutions are used to work strictly under the control of the federal gov-ernment. The structure of their governance did not allow them to provide a free environment. This is one of the major reasons why Pakistan is at 107th rank in economic freedom out of 141 countries. This rank is at 116th position in ‘Sound Money’, which reflects the tight controlling of the State Bank by the government of Pakistan. It is obvious that the low rank economic freedom negatively affects the competitiveness and the economic growth of the country.