Economic freedom and stability of economic growth in European Union countries in the years 2009–2018

Abstract

The purpose of this article was to examine how the economic growth rate in the EU countries developed in the years 2009–2018 and comparison of the effectiveness of liberal and interventionist economic policies. The first section of the article discussed the essence of the Keynesian school and two neoclassical schools (Chicago school and supply‐side economics) and their assumptions for economic policy. The next section briefly discussed the models of capitalism in the EU. The position of EU countries in economic freedom rankings was also indicated. The fourth section presented changes in the economic growth rate in the EU countries and on their basis the impact of economic freedom on economic growth dynamics was analyzed. The data for 2009‐2018 was used, i.e. for the period examined. At the end of the article, the results of the research were summarized and the final conclusions were presented. A solution was also proposed for less developed EU countries or slow developing ones.