How do you put a price on economic freedom?

How has the United States gotten to be one of the most prominent countries in the world? In addition to our civil liberties, Americans have always enjoyed economic freedom -- it's this freedom which has made us the richest, most advanced society on the planet.

Yet America's economic freedom is actually on the decline these days. And as our international competitors learn and embrace American-style economic freedom, they are quickly passing us by. So how valuable is economic freedom? Let's have a look:

This is Part II in an ongoing series from EconomicFreedom.org. In case you missed Part I -- a video on economic freedom's impact on quality of life -- you can find it after the jump.