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Introduction

Undeniably, an open and free economy sparks entrepreneurship and innovation, which are drivers of human flourishing. When entrepreneurs are free to enter and exit the market, it generates economic growth and activity. Economic freedom lifts marginalized groups by lessening poverty, boosting literacy, and increasing life expectancy. 

Hans Rosling examines the evolution in the past 200 years of income and life expectancy across the world, showcasing the positive effects of economic growth (5 min):

This Policy Circle Brief analyzes the importance of economic freedom for women and unpacks newly released research from Southern Methodist University’s Bridwell Institute for Economic Freedom. Dr. Robert Lawson, a key figure at the SMU Bridwell Institute, is a founding co-author of the Fraser Institute’s Economic Freedom of the World annual report. This collaboration involves the creation of an index that measures the economic freedom of over 160 countries based on various indicators such as the size of government, legal system and property rights, sound money, freedom to trade internationally, and regulation.

Additionally, the Bridwell Institute aims to influence the academic debate by generating high-quality, peer-reviewed scholarship on economic freedom, including their work on the Fraser Institute’s reports and other initiatives to promote understanding and discussion of economic freedom locally and globally.

See Meg Tuszynski, Managing Director of the Bridwell Institute, talk about economic freedom and women’s careers (39 min):

Framing the Issue

What is Economic Freedom?

Economic freedom is one of the foundations of a free society. The Fraser Institute maintains that economic freedom is present in a society when the “property [individuals] acquire without the use of force, fraud, or theft is protected from physical invasions by others, and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others.” The foundations and indicators of economic freedom are: “(1) personal choice, (2) voluntary exchange coordinated by markets, (3) freedom to enter and compete in markets, and (4) protection of persons and their property from aggression by others.”

Property rights are established and secure in a society that embraces economic freedom—meaning a citizen can acquire property without force, fraud, or theft. Laws exist to protect people and property from harm. Individuals can do business with whomever they choose and compete in open markets. Economic freedom can be linked to and measured through several economic activities, primarily entrepreneurship. By looking at entrepreneurship rates for women, we can gather a sense of their economic freedom. 

Assistant Director of the Bridwell Institute, Meg Tuszynski, shares that the “philosophy of economic freedom holds that economic outcomes will be better if individuals with secure property rights are allowed to work, produce, trade, and innovate in open markets.” When a government increases economic freedoms for its citizens, including women, the result is increased economic growth. This growth benefits all citizens’ economic, educational, financial, and health, including vulnerable groups. Read The Policy Circle’s Free Enterprise & Economic Freedom Brief for more on this connection.

The World Bank’s 2024 Women, Business, and the Law Report states that economic freedom relies on rules, policies, and institutions to ensure that individuals have the protected ability to choose where they live, work, and who they associate with. These structures and agreements protect one’s ability to earn, spend, and allocate resources. The Report states that women often face formal legal barriers and practical challenges that limit their ability to exercise the same economic rights as men. When these obstacles are removed or lessened, it positively impacts women through new opportunities to exercise their new freedoms. By allowing women to contribute to the economy, the overall conditions improve and generate new growth. 

The Report also sets forth ten criteria (see below) to measure whether an environment is economically free for women.

While progress has been made to advance women’s economic freedom, particularly in the United States, the gap in economic opportunity between men and women remains significant worldwide. According to the World Bank, around 2.4 billion women globally have fewer opportunities than men, and 178 countries maintain legal barriers that prevent women from fully participating in the workforce.

When analyzing legal protections, women enjoy 64% fewer protections than men—far less than the previous estimate of 77%. In reality, women have even less economic freedom. While many countries enact new policies seeking to address the legal gaps between men and women, they often fail to implement them because there is a lack of structure and resources to enforce them. 

The worldwide gap between men’s and women’s lifetime earnings is an estimated $172 trillion.

If granting women economic freedoms stimulates growth, why do these gaps persist – even in countries with laws addressing women’s rights and protections? What is the best way to promote and encourage economic freedom for women? Does more economic freedom harm families and reduce social capital? How can American policymakers ensure women continue to thrive without thwarting innovation or overreaching? What is the role of the private sector in boosting economic mobility and increasing investment in women? What role can nonprofits and private citizens play in ensuring more women have the tools, resources, and opportunities to build flourishing businesses, families, and communities?

To answer these questions, The Policy Circle partnered with the Bridwell Institute for Economic Freedom to share the findings from their recent research on Women and Economic Freedom.

Putting It In Context

History of Women’s Economic Freedom in the United States

In the United States, women’s economic status has improved substantially since the implementation of the 19th Amendment. During that period, women were denied the right to vote, barred from opening bank accounts without spousal consent, and excluded from attending the nation’s top universities, law schools, and medical schools. Over the past century, the landscape of economic freedom and opportunity for women has transformed dramatically.

Education, a key indicator of opportunity, did not expand access for women until the late 60s and 70s. Yale and Princeton didn’t accept female students until 1969. Harvard didn’t admit women until 1975 (when it merged with the all-female Radcliffe College). Brown, Dartmouth, and Columbia did not offer admission to women until 1971, 1972, and 1983, respectively. 

By the 1970s, young women prepared for careers by pursuing higher education and choosing job-enhancing courses. With changes in education and career attainment, women sought greater financial freedom and protections. The 1974 Equal Credit Opportunity Act was an important protection that “prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.” This change allowed women to apply for credit in their own name without a male co-signer. 

In 1978, workplace protections were further enhanced through the passage of the Pregnancy Discrimination Act and more robust definitions and guidelines recognizing sexual harassment in the workplace. 

From the 1960s through the 1980s, women’s participation in the workforce grew and transformed much of the U.S. labor market. The types of roles women held also changed due to the substantial increase in women pursuing higher education. From 1970 to 2020, women with college degrees more than quadrupled, whereas men with college degrees doubled over that same period. In addition, more women began to opt for full-time or year-round employment.

“This dramatically changed in the United States over the twentieth century and continues to change into the twenty-first century. Increased outsourcing of the household production function has given women more opportunities for paid and unpaid work. Their range of choices has increased, which has shifted the division of labor within the home, which changes both the market for marriage and divorce patterns, especially since 1960.”

Women’s labor force momentum slowed during the 1990s and early 2000s. Following the 2008 recession, women’s labor force participation dropped to 56.7% in 2015. Subsequently, the rate experienced a modest uptick to 57.4% in 2019 before the onset of the COVID-19 pandemic.

New data from the Bureau of Labor Statistics shows that in February 2023, the labor force participation rate for prime-age women—those between the ages of 25 and 54—exceeded its all-time high. As of the most recent jobs report, prime-age women had a labor force participation rate of 77.8%. It is also surprising that these peaks are happening in the summer, as this is typically the season (even after seasonal adjustment) when participation for caregivers is at its lowest. These participation rates indicate the willingness and ability of women to choose to enter the labor market and stimulate economic activity.

By the Numbers

The United States

The World

Economic Opportunities & Obstacles for Women

Women Entrepreneurs

Entrepreneurship rates are a strong indicator of economic freedom because of the steps involved in being a successful business owner. 

The World Economic Forum estimates that investment in women-owned businesses still represents a tiny share of the amount directed towards men-founded businesses. The World Bank Group’s International Finance Corporation (IFC) estimated that the total finance gap for women entrepreneurs amounted to $1.7 trillion. This gap is incredible, especially considering that women entrepreneurs own 22% of micro-enterprises and 32% of small and medium enterprises.  

In 2022, companies founded exclusively by women received only 2.1% of the total capital invested in venture-backed startups in the United States.

Worldwide, these challenges are more staggering in developing nations than in the United States and Europe. In developing economies, it is estimated that as many as 1 billion women do not have access to a bank account or financial services, and 2.4 billion women worldwide lack the same economic rights as men. 

The Global Entrepreneurship Monitor (GEM) surveys, analyzes, and publishes data on various countries. GEM produced the above graph in their 2023/2024 Global Report on country-level entrepreneurial conditions. They include policy recommendations for these countries, including for the United States.

In this global context, Professors Hechvarria and Terjesen unpack the nuances of entrepreneurship in the context of both economic freedom and the role of culture. They describe two categories to understand entrepreneurship: opportunity entrepreneurship, where starting a business is one’s best option for work, and necessity entrepreneurship, where no other option for work drives the choice. To explore this research and the role of women’s economic freedom through opportunity and necessity entrepreneurship, visit their research here. 

Several policy solutions have been proposed in the United States to address this capital access gap and encourage women to pursue entrepreneurship. In 2019, the United States Agency for International Development (USAID) announced the Women’s GDP program in conjunction with the White House. This program committed over $50 million dollars toward grants and initiatives to help women worldwide access capital to start businesses. The U.S. Small Business Administration also has several loan programs dedicated to aiding women access capital funded by taxpayers.

Many institutions have stepped up in the private sector to fill the gap for women and their ability to access capital for entrepreneurial endeavors. One example is Goldman Sachs’ 10,000 Women program. Founded in 2014 alongside the World Bank Group’s International Finance Corporation (IFC), the program was intended to help address this obstacle for women. Goldman Sachs and IFC created a loan facility for women-owned small and medium enterprises. They claim to have assisted over 100,000 women worldwide in 17 countries to access loans.  

Research has continually shown that increasing entrepreneurship rates leads to increased economic growth. In 2020, U.S. women business owners owned over 12 million businesses and employed over 10.1 million workers. However, there is still a significant gender gap between female and male entrepreneurs.  

Women entrepreneurs face challenges accessing the capital needed to start a business.  One 2019 study by Crunchbase found that in the first quarter of that year, only 17% of 8 billion in venture capital funds went to companies with one female founder, and a scant 2% of funding went to businesses with exclusively female founders. When women do receive funding, the OECD estimates that they pay higher loan rates, more collateral, and receive less funding overall.

Property Rights

Institutions within a society directly influence and shape entrepreneurial activity. 

The relationship between property rights and entrepreneurship is vital, reflecting a society’s economic dynamics and legal frameworks. Property rights are an essential part of this ecosystem—entrepreneurship is less likely to flourish if property rights are not respected and enforced. Strong protections for women’s property, then, are crucial to their economic freedom and financial well-being.

Historically, women have faced significant barriers in accessing and controlling property, curtailing their economic agency and contributions. Filling a research gap in this area, Professors O’Reilly and Sheehan study how a woman’s property rights impact her entrepreneurship opportunities in their paper, “Women’s Property Rights Equality and Entrepreneurial Activity.” 

O’Reilly and Sheehan’s research confirmed that “the quality of the legal system and property rights are associated with more early-stage entrepreneurship”  in developed and developing countries. The study found that “​​more equality in the protection of women’s property rights increases the ratio of female entrepreneurship to male entrepreneurship…,” reflecting the importance of property laws for women. The more protections in place to secure women’s property, the higher the number of female entrepreneurs (and the higher the ratio of female to male entrepreneurs). The expansion of property rights for women not only fosters economic development but also catalyzes innovation and economic growth. 

Mind the Gap

Women in the United States enjoy greater economic freedom than most of the world, but gaps still exist. According to the Pew Research Center, the gender pay gap – the difference between men’s and women’s earnings – has seen minimal improvement in the United States over the past twenty years, as seen in the graphic below. In 2022, the typical earnings for American women amounted to 82 cents for every dollar earned by men, a figure nearly identical to the 80 cents recorded in 2002, a much slower pace of change compared to 1982, when women earned just 65 cents to each dollar earned by men.

While there are various explanations for the pay gap, Pew Research shares that “women generally begin their

careers closer to wage parity with men, but they lose ground as they age and progress through their work lives, a pattern that has remained consistent over time.”

Another potential explanation is the fields that women choose or are encouraged to enter. Proponents point out that if it were cheaper to employ all women, more women would be hired until the labor market reached equilibrium. However, a single industry or company still has wage gaps in the labor market. 

Prager U created a video talking about the wage gap and give brief information on further resources to learn about the wage gap (5 min).

Corporate Boards

Gaps also exist between men and women working at the highest levels. According to data from the OECD, women comprise only 16 percent of board members in the top 500 multinational enterprises. Although women are more likely to graduate college than their male counterparts, the “pay gap between college-educated women and men is not any narrower than the one between women and men who do not have a college degree.” The absence of change speaks to the importance of other factors impacting women’s workforce participation. 

In a research study, “Parity Without Socialism: Economic Freedom and Opportunity for Women,” Professors Teague and Wenzel explore female opportunity and economic freedom through public and private female leadership across countries. Through a regression model sequence leveraging the Fraser Institute EFW index, the study found unequivocally strong correlations between EFW and women’s outcomes in both public and private spheres. 

While numerous countries have laws in effect that mandate quotas for women on corporate boards, studies have shown that these quotas lead to younger and less experienced boards with a “deterioration in operating performance, consistent with less capable boards” and that board quotas “ultimately hurt the cause of women, who are treated as members of a class, rather than individuals.” Through Teague and Wenzel’s research, it is clear that increased economic freedom increases opportunities, like board positions, for women. 

Teague and Wenzel hypothesize that “increases in measure of economic freedom are associated with increases in female membership in government institutions,” and “increases in measure of economic freedom are associated with increases in female leadership in private markets.” This increase in freedom gives women opportunities to be impactful in private markets.

Caregiving Conundrum

Motherhood and caregiving are additional factors that impact women’s economic opportunities. Pew Research shares that mothers between the ages of 25-44 are “less likely to be in the labor force than women of the same age who do not have children at home, and they tend to work fewer hours each week when employed.” In contrast, research has shown that fathers often earn more than their male counterparts without children – something dubbed the “fatherhood wage premium.” 

This finding is particularly noteworthy, given that the 2020 recession initially widened the labor force participation gap by gender and parental status. In particular, service industry employees, who are predominantly female, cannot work remotely. They were negatively impacted, and their situation was often compounded by the fact that women are usually primarily responsible for child-rearing. Working remotely seems to be having a positive impact on women’s overall employment. The percentage of employed women with kids under 6 years old increased to 69% in 2023.

This negative impact is the topic of the research by Professors Herzberg and Hoffman of George Mason University in their study “Coming Apart at the Seams: Exogenous Shocks to the Already Fraying Campaign for Gender Equality in the U.S. Workforce,” which analyzed how restrictive COVID-19 policies that locked down schools, businesses and jobs affected women more severely than men. The instability created a drop in women’s productivity, mental health, and availability to their employers, since women could not have division between caregiving and work responsibilities. Herzberg and Hoffman theorized that states that instituted a more restrictive approach to the pandemic resulted in more disruption and a substantial decline in women’s employment, pay, and promotions as they returned to the workplace and beyond.

Although Herzberg and Hoffman noted that “not enough time has passed from the start of the pandemic to see the full consequences to careers,” short-term factors indicate the validity of their theory that gains in gender equality can be eroded quickly when public policy changes, even in extenuating or emergency situations. COVID-19 policies that locked down society, including institutions of higher academia, have changed the employment and promotion market with a more severe impact on women.

Role of Government

When it comes to promoting women’s economic freedom, what is the proper role of government? Specifically, is the appropriate role of government a series of mandates that require employers to hire more women and promote them to achieve equal representation in board rooms – or are there other policies that can adequately incentivize labor force participation and high achievement among women in the United States? Furthermore, are there government policies restricting economic freedom, such as occupational licensing, that are particularly harmful to women?

Federal

Opportunities in the labor market for women are essential to their economic freedom. The United States has a strong network of enacted laws prohibiting workplace discrimination and discriminatory access to credit, which preempt state laws.

Pay is just as important as the opportunity to work, preserving this freedom. Regarding the gender pay gap, laws in the United States require employers to pay women the same as men for “substantially similar” work. Some of the laws protecting women from workplace discrimination include:

The federal government has issued mandates and quotas requiring employers to address the gender gap. However, the U.S. Supreme Court has ruled several times that the direct use of quotas for hiring under the Civil Rights Act is unlawful. Many other such attempts at mandates have been found to violate the 14th Amendment’s Equal Protection Clause.   

Despite these rulings, the federal government has repeatedly articulated, through guidance and executive orders, stated diversity “goals” that include ensuring women are represented in the workforce. The federal government offers many federal contracts and loan programs specifically for women.  For instance,  the U.S. federal government set a goal that at least 5% of federal contracting dollars go to women-owned businesses yearly. 

State

Laws Addressing Sex Discrimination in Employment

Since the federal government has passed numerous laws addressing gender-based discrimination in hiring practices, states are preempted from passing any laws that are less stringent than the minimum requirement set out in these laws.

Some states have taken steps beyond the federal laws to address equal pay. In 2016, California, New York, and Massachusetts were the first states to adopt more stringent pay equity laws than the federal standard. Many other states have also adopted equal pay laws that set standards beyond the Equal Pay Act. This reference report from global law firm Seyfarth gives an overview of the states that have passed their own pay equity laws.

Mandates and Quota Efforts for Women on Boards

The state of California has repeatedly pushed the envelope when it comes to proactive legislation that mandates gender equality and gender identity, with mixed results of success. In 2018, California passed SB 826, which required any publicly traded companies headquartered in California to have at least one female board member or face a $300,000 fine. The federal courts struck down this law, saying it was unconstitutional under the 14th Amendment’s Equal Protection Clause. Similar laws in Iowa were also struck down on the basis that they violated the 14th Amendment and were unconstitutional. 

However, the California lawsuit has not deterred other states from passing similar legislation aimed at increasing the number of women on corporate boards. Washington passed a law in 2020 requiring public companies to maintain a board of directors with at least 25% individuals who “self-identify as women” and to provide their shareholders with transparency on board diversity before their annual meetings.  

Similarly, the state of Illinois passed a law in 2019 requiring public companies to produce a report to shareholders on the diversity of their boards and explain any lack of diversity.   Some states have taken a softer approach, proposing resolutions instead of laws.  Pennsylvania and Massachusetts have both passed resolutions encouraging gender diversity on boards, with Pennsylvania specifically urging boards to have women representing at least 30% of the board. 

The following Harvard Law School’s Forum on Corporate Governance report lists the various state laws regarding female board directors.

Mandates: Useful or Unproductive?

Legal challenges aside, are mandates the best way to ensure equal representation? Professors Rosemarie Fike and Abigail Hall explored this question in their paper, Economic Freedom vs. Gender Equality Mandates: Which is More Effective at Improving Women’s Labor Market Outcomes?

Fike and Hall investigated this topic to determine whether gender equality mandates or increases in economic freedoms are more effective at improving women’s labor market outcomes. They started with the initial hypothesis that women living in countries with higher levels of economic freedom would perform better in the labor market than those living in less free countries. Specifically, Fike and Hall said they expected higher levels of economic freedom to be associated with greater labor market participation for women, greater job security, and a stronger incentive to invest in higher levels of human capital and pursue entrepreneurial endeavors.   

Professors Fike and Hall did not specifically analyze the risk of legal challenges that gender mandates might face, but they did analyze the efficacy of gender mandates overall. They also considered whether they improved women’s participation and outcomes in the labor market. To achieve this, they chose six dependent variables, including the following:  

  • ​​Female Labor Force Participation Rate (% of female population ages 15-64)
  • Unemployment Rate for Women (% of female labor force)
  • Unemployment Rate for Women with Advanced Education (% of the female labor force with advanced education)
  • Percentage of Female Workers Engaged in Vulnerable Employment (% of total female employment)
  • Human Capital Index for Female Workers (0-1 Scale)
  • Female Employers (% of total female employment)

Fike and Hall found some evidence that gender mandates and quotas are associated with greater labor force participation but weak evidence that mandates significantly improved unemployment rates, women in vulnerable employment, or the number of females who are employers.  Fike and Hall concluded that this suggested that mandates do not help to push women into higher positions. For example, a paid maternity leave mandate can make it easier for or more likely that a woman will retain employment after pregnancy. But mandates do little to help women climb the rungs of the labor force. The pair found that their data “suggest[s] that these gender mandates work better when in an institutional environment that embraces economic freedom.”

Fike and Hall also concluded that economic freedom is critical to women’s economic outcomes. For all six dependent variables, economic freedom was strongly associated with lower levels of unemployment, higher levels of human capital, lower levels of unemployment for those women with advanced degrees, and far fewer women in vulnerable employment. Economic freedom is also associated with more female employers and higher overall levels of entrepreneurship. 

The investigation led them to the conclusion that legislating mandates by government decree is not the most effective way to empower and contribute to women’s upward mobility. Their findings indicate that mandates are “unlikely to be effective. You cannot mandate equality of outcome. Instead, our work highlights the profound importance of economic freedom in allowing women to not only find and retain employment, but to advance further in their careers.” While gender mandates may be able to provide some women the opportunity to secure a job, ultimately, it is an environment of economic freedom that continues to be necessary for them to reach the top of the career ladder.

Regulatory, Permitting, and Occupational Licensing Barriers

Women entrepreneurs starting a business face navigating not only federal regulations that may apply to their line of business but also state-level regulations and permitting that create high barriers to starting a business.  

Occupational licensing, a series of government requirements to work in a particular industry, can be a barrier to entering certain professions for women. In the states that require occupational licensing, many licenses are requisite for the beauty industry, nursing, and other primarily female occupations. These regulations make it harder for women in these occupations to enter the labor force and earn a living. See this National Review report on Occupational Licensing: Who Does It Hurt the Most?

Proponents point out that licenses are often intended to protect consumers from fraud and establish standard practices. For an in-depth analysis of policy options, see this report from the National Conference of State Legislatures.

Below is a map illustrating the various states and their landscape for occupational licensing from the Cato Institute’s Freedom in the 50 States project:

Local

As already stated, entrepreneurship stimulates economic growth and indicates the relative economic freedom of a city or state.  Many U.S. cities have initiatives and programs aimed at helping women entrepreneurs start small businesses in their locales and provide programs to assist them with acquiring city licenses, understanding tax and regulatory issues, and more. Alexandria, Virginia, and New York City are two examples of cities that have programs explicitly aimed at empowering women:

Alexandria has a Commission for Women dedicated to addressing gender discrimination and providing opportunities for women, including assistance with starting a business.  

New York City unveiled a $43 million dollar grant program in 2024 called “Women Forward NYC,” which aims to address gender inequality by assisting women with career placement and professional development programs, providing housing services, and more.  

Further than providing resources, the overall economic environment significantly contributes to citizens’ economic freedom. Taxes, regulations, interest rates, and bankruptcy laws all affect the ease and ability of entrepreneurs to start or close a business. Policy changes in any of these areas will affect businesses in your area. 

Private Sector

Private sector initiatives have also contributed to increasing women’s presence in boardrooms and career paths around the world. These efforts have not been without controversy and debate as they adhere to or exceed government policies.

  • The NASDAQ has required any company listed on the exchange to have at least two diverse directors on its board, including women, by 2025, or it will be delisted. The NASDAQ rule was upheld after several lawsuits tried to challenge it.
  • According to the Harvard Forum on Corporate Governance, shareholder proposals aimed at forcing public companies to disclose their internal pay gaps between women and men were also especially active in 2023, with at least ten public companies putting these proposals to a vote. 
  • Boston Consulting Group, among many other companies, has championed an initiative on work flexibility for women, encouraging programs that allow them to balance family and careers. It also has an initiative to promote women. 

Telework and remote work policies, childcare benefits, paid maternity leave, and voluntary efforts to promote women have all been highlighted as voluntary positive steps to help women achieve their goals.

Conclusion

What Works to Promote Economic Freedom?

Economic freedom increases opportunity, income, and economic growth – what has worked to promote economic freedom, especially for women? The Bridwell Institute’s innovative research, rigorous analysis, and empirical studies demonstrate the profound impact that reducing regulatory burdens and government intervention can have on women’s economic participation and success. Their findings showcase how policies aimed at enhancing economic freedom through deregulation, increased educational opportunities, protecting property rights, and streamlining licensing processes can produce environments where women can effectively navigate barriers to economic advancement and entrepreneurship. 

Professor Angela Dills analyzes in “Gender Disparities in Economic Freedom and Human Capital Investment” the importance of closing gender disparities in economic freedom and its impact on human capital accumulation. Dills’ research showcases robust results demonstrating a connection between opportunity and education. When economic freedom is more uniform between men and women, female literacy rates and human capital investment for girls also significantly increase.

Further, Professor Robin Grier highlights in her research, “The Causal Effect of Economic Freedom on Female Employment and Education,” the impact that large jumps in economic freedom have on women’s labor force participation and primary school enrollment. Her research finds that “economically free societies are not only more efficient and productive, but they also offer more employment and educational opportunities to women.” 

Environments that support access and resources for female entrepreneurs and workers, coupled with an ecosystem that encourages innovation, fosters competition, and rewards merit, will increase women’s economic freedom. The research demonstrates that a policy-centered approach centered on reducing regulatory barriers and government interference can unlock women’s full potential as dynamic contributors to the economy.  

Ways You Can Do to Get Involved

Measure: Understand different factors that impact women’s economic freedom in your state or community:

Identify: Who are the influencers in your state, county, or community advocating for women’s economic freedom? Who are the influencers in your state, county, or community? Learn about their priorities and consider how to contact them, including elected officials, attorneys general, law enforcement, boards of education, city councils, journalists, media outlets, community organizations, and local businesses.

Reach out: You are a catalyst. Finding a common cause is an excellent opportunity to develop relationships with people who may be outside of your immediate network. All it takes is a small team of two or three people to set a path for real improvement.

  • Foster collaborative relationships with community organizations, local businesses, or local chambers of commerce focused on women entrepreneurs and economic freedom. 

Execute: Give it your best shot. You can:

  • Apply for The Policy Circle’s CLER Program focused on entrepreneurs to join a community of like-minded women learning better skills to be effective business and civic leaders in their communities
  •  Get to know your local business owners and ask how local and state regulations affect them.
  • Explore private sector entrepreneur programs (see below) and apply. 

Plan: Set some milestones based on your state’s legislative calendar.

  • Don’t hesitate to contact The Policy Circle team at [email protected] for connections to the broader network, advice, insights on building rapport with policymakers, and how to establish yourself as a civic leader.

Additional Resources

Read More about Economic Freedom

Heritage Foundation: “Economic Freedom is Key to Empowering Women” 

Mercatus Center: “What Does Economic Freedom for Women Look Like?” 

Manhattan Institute:  Economic Freedom and Gender Equality Go Hand-in-Hand 

Niskanen Center: “Economic Freedom and Personal Freedom:  What Can We Learn from the Cato and Fraser Indexes?”

Read More about Resources for Women Entrepreneurs

There are numerous private sector and government resources available for women entrepreneurs, as well as career and mentoring programs to help women chart the best course for their careers:

Women-Owned Small Business Federal Contract Program: The federal government has stated that it will aim to allocate 5% of federal contracting dollars to women-owned businesses annually.  

Department of Commerce Minority Business Development Agency – Enterprising Women of Color Program: The Agency awards grants to minority entrepreneurs.

U.S. Small Business Administration Women Council: The SBA has several initiatives to help women secure better access to procurement opportunities. These include online procurement training, matchmaking events, and the 8(a) Business Development Program. The SBA also works with federal agencies to increase contracting opportunities and achieve the government’s five percent contracting goal for women-owned small businesses.

Private Sector Entrepreneurship Programs

Goldman Sachs 10,000 Women Program

Resources on Career Education and Mentoring

Financial Education for Women: Kim Kiyosaki founded and is the CEO of the “Rich Dad Company,” which educates people on financial literacy and building wealth. She has a specific program and resources for women to become self-reliant and build wealth. 

Ernst and Young Entrepreneurial Winning Women: The EY Entrepreneurial Winning Women program identifies ambitious entrepreneurs and provides them with the resources, network, and access needed to unlock their full potential.  The EY Entrepreneurial Winning Women program annually recognizes a select group of high-potential founders who have built profitable companies. They provide them with the connections and vast resources needed to think bigger and sustainably scale their companies to their full potential. Ernst & Young LLP welcomes participants into a vibrant global peer community with evergreen access to thought leadership, networks, and essential tools enabling business growth.

Books and Further Resources

Heart of a Cheetah by Magatte Wade: Examines how influential economic freedom and free markets intersect in Africa.

Skyscraper by Timothy Nurse: Discusses how to build a dream career.

The Forem: A platform that provides mentoring and training programs for women. 

Beyond Barriers Career Training: A career program designed to help diverse professionals gain momentum. They deliver predictive and personalized guidance, proven strategies, and a powerful community of experts and peers.

Boston Consulting Group: A set of initiatives to promote women and eliminate gender bias in the workplace.

Eligg Group Board Member Training Program for Women: Provides coaching and training for women seeking board positions.