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No, the real problem is that such countries have yet to establish and normalize the invisible network of laws that turns assets from "dead" into "liquid" capital. In the West, standardized laws allow us to mortgage a house to raise money for a new venture, permit the worth of a company to be broken up into so many publicly tradable stocks, and make it possible to govern and appraise property with agreed-upon rules that hold across neighborhoods, towns, or regions. This invisible infrastructure of "asset management"--so taken for granted in the West, even though it has only fully existed in the United States for the past 100 years--is the missing ingredient to success with capitalism, insists de Soto. But even though that link is primarily a legal one, he argues that the process of making it a normalized component of a society is more a political--or attitude-changing--challenge than anything else.
With a fleet of researchers, de Soto has sought out detailed evidence from struggling economies around the world to back up his claims. The result is a fascinating and solidly supported look at the one component that's holding much of the world back from developing healthy free markets. --Timothy Murphy
He supports his main points very well with examples and data.
After reading this book, I have become cinvinced that the major problem in the developing and former communist world is the lack of property rights- de Soto's theory.
If you want to read a good book on socio-economics I highly recommend the book.
This work presents a thin argument that the root of poverty and 'marginalization' is a mechanical problem with the informal sector. Read morePublished 2 months ago by Adam Starrh
Capitalism succeeds, Communism does not. Need I say more?Published 2 months ago by Jason G. Racette
Big book about a small idea. He's got it right, but needs editing to a quicker read.Published 3 months ago by Don Coder
Please excuse my withering contempt for Hernando de Soto's ideas. First of all, in view of the 2008 crisis and the resultant fallout, it's safe to say that Capitalism has not even... Read morePublished 5 months ago by Otiose Dodge
This discussion of capitalism after the "collapse of communism" leaves out the elephant in the room, China, a Communist oligarchy operating with a capitalist economy... Read morePublished 6 months ago by Able Foxtrot
This guy has the right idea about how to change things so that there is a bit more equality…very insightful!Published 6 months ago by terri tucker