Economic freedom refers to the absence of regulation or other dictates from government or other authority in economic matters, enabling efficient allocation of resources in a capitalist system.
Fiat money is a type of currency that is made legal tender by government law or regulation, without backing by a physical commodity like gold or silver. Its value derives from the trust and authority of the government that issues it.
Police power refers to the inherent power of governments to impose restrictions on private rights that are reasonably related to the promotion and maintenance of the health, safety, morals, and general welfare of the public.
Tax harmonization refers to the process of making tax systems more compatible across different jurisdictions, typically to minimize differences in tax bases and tax rates. This process aims to reduce tax competition and prevent tax evasion while fostering economic integration. However, it often faces resistance as it can limit the fiscal autonomy of individual governments.
