There are some countries that have less market freedom than others (see Index of economic freedom by countries.
Let's take into account only developed countries (USA, EU, UK, Australia etc.).
Do these regulations (aka absence of market freedom) add more risk to the investor?
For instance, EU (in general) has less market freedom than the USA. Would you say that, in general, european investors take more risks than the USA ones? (assuming that an european investor invests in the whole EU market, not in the USA one, that would incorporate currency risk).
If the answer to the above question is 'yes', what is worse, the risk related to the market freedom or the currency risk?