I think it is important to remember the other ingredient to economic success. Hernando de Soto wrote: “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else” to explain that free trade and a lively economy are not enough.
This great book explains that being able to capitalize property is also invaluable to an economy waking from lethargy.
He shows why the poor in many countries keep gold, and other precious metals and gems, as the only repository of their capital. He explains how our western system of property rights allows the USA, the UK and other western cultures to collateralize property in a way the the poor latin nations and Arab nations cannot.
Property Rights are but a subset of The Rule of Law.
The fundamental basis of prosperity.