When do we want political freedom or economic freedom?

Political freedom is impossible without economic freedom. China is experiencing a lot of the latter now, surpassing Japan as the second largest economy in the world. Yet they are not improving much on the political freedom side.

Perhaps political freedom became especially important during a time when improvements in economic freedom did not have very high returns. England had become relatively prosperous, according to world standards, and very little room was left for immediate growth. So, people became more interested in political freedom, which offered higher marginal gains at the time.

Today, China is experiencing high gains in economic freedom, and perhaps this is where the marginal gains are highest. Once China gets caught up with the West, or at least where marginal gains to political freedom become higher than marginal gains to economic freedom, then we might see political shifts in China. Indeed, to a power-holder in China, liberalising the economy might have provided the best strategy for holding on to power for a while longer.

Here in the US, we have very high levels of both economic and political freedom, at least for citizens. It is hard to tell which of these offers a higher marginal rate of return. So, we some pushing for greater political freedom, and others pushing for greater economic freedom, and others pushing for freedom from want, and other issues. We are really, really, wealthy, and really, really free when considered in a global historical context. We are so free and so wealthy that we have tons of time on our hands, and have tons of outlets for us to quibble over somewhat petty issues.

What is most important now is extending the liberty outward. But in a period when we've had to give up some of our petty consumption, we are becoming more protective. Ugh.