The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere ElseA renowned economist's classic book on capitalism in the developing world, showing how property rights are the key to overcoming poverty "The hour of capitalism's greatest triumph," writes Hernando de Soto, "is, in the eyes of four-fifths of humanity, its hour of crisis." In The Mystery of Capital, the world-famous Peruvian economist takes up one of the most pressing questions the world faces today: Why do some countries succeed at capitalism while others fail? In strong opposition to the popular view that success is determined by cultural differences, de Soto finds that it actually has everything to do with the legal structure of property and property rights. Every developed nation in the world at one time went through the transformation from predominantly extralegal property arrangements, such as squatting on large estates, to a formal, unified legal property system. In the West we've forgotten that creating this system is what allowed people everywhere to leverage property into wealth. This persuasive book revolutionized our understanding of capital and points the way to a major transformation of the world economy. |
From inside the book
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Page 87
... extralegal power . In strictly physical terms , extralegal ventures have ... arrangements they cobbled together are explicit obligations between certain ... extralegal arrangements is that they are not integrated into the formal prop ...
... extralegal power . In strictly physical terms , extralegal ventures have ... arrangements they cobbled together are explicit obligations between certain ... extralegal arrangements is that they are not integrated into the formal prop ...
Page 108
... laws to accommodate existing extralegal arrangements , U.S. offi- cials left the assets of the American settlers and miners primed to be converted into capital . As in the United States in the nineteenth century , the challenge of ...
... laws to accommodate existing extralegal arrangements , U.S. offi- cials left the assets of the American settlers and miners primed to be converted into capital . As in the United States in the nineteenth century , the challenge of ...
Page 150
... extralegal arrangements they created , while rejecting those English common law doctrines that had little rele- vance to problems unique to the United States . In the long and arduous process of integrating extralegal property rights ...
... extralegal arrangements they created , while rejecting those English common law doctrines that had little rele- vance to problems unique to the United States . In the long and arduous process of integrating extralegal property rights ...
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Common terms and phrases
Adam Smith advanced nations American apartheid areas bell jar bidonvilles buildings capitalist century cities claim associations Claim Clubs colonial Congress create capital dead capital developing and former developing countries economic elites enforce entrepreneurs erty extrale extralegal arrangements extralegal assets extralegal property extralegal sector extralegal social contracts formal law formal property system former communist countries former communist nations fungible global Haiti Hernando de Soto housing Ibid illegal institutions investment land lawyers legal property system legal system live maps Marx ment migrants million miners Mystery of Capital nomic Office organizations owners ownership percent Peru political politicians poor population Port-au-Prince potential preemption procedures production property arrangements property law property rights protect real estate records reform Registry representations Revolution rules Rural settlement settlers social contracts society squatters squatting statutes surplus value Third World tion tomahawk rights transactions United urban West World and former