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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 --This text refers to an out of print or unavailable edition of this title.
Powerful. Shows how easily (conceptually) and difficult (actually) it is to improve economic conditions around the world.Published 9 days ago by Will
Puts into perspective that our wealth and success is not some genetic mutation inherited from our forefathers, but that it can be had by all mankind.Published 2 months ago by frank
Book in great condition, quick shipping. Highly recommend this book for anyone interested in economics and why the developing world is such a mess.Published 2 months ago by Jack N.
Hernando DeSoto always offers such an interesting perspective. Yes this book is a bit dated (I chuckled at the comments on mortgage backed securities... oops). Read morePublished 2 months ago by Shane C. Pruyne
In many poor economies capital exists as dead capital, locked up in extralegal arrangements and as such is unable to be leveraged. Read morePublished 4 months ago by Jason Leininger
A thorough explanation of complexity and necessity of third and second world governments to establish foundations needed to support prosperity through capitalism. Read morePublished 7 months ago by So Cal
Although I do not agree with this author, I find the detail excellent. The problem is that some societies are so small that dead capital is the norm. Read morePublished 8 months ago by Cristanna M. Cook