The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else
A 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.
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... Soto . . . is perhaps the world's trendiest economist, a genius of property rights. ... and those who care about the challenges of developing countries, ...
A new proposal for change that is valid for the whole world. ... for it addresses the single greatest source of failure in the Third World and ex-communist ...
The consequences could be world-shattering. ... —International Affairs “De Soto has single-handedly been fomenting a revolution in the Third World.
As a result, with varying degrees of enthusiasm, Third World and former communist nations have balanced their budgets, cut subsidies, welcomed foreign ...
tion of their emerging market funds, globalization is a two-way street: If the Third World and former communist nations cannot escape the influence of the ...
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LibraryThing ReviewUser Review - Indrit - LibraryThing
I have had the privilege of meeting the Hernando de Soto back in 2006 while attending training at his Institute for Liberty and Democracy in Lima. I can count among those who have also implemented in ... Read full review
LibraryThing ReviewUser Review - ShadowBarbara - LibraryThing
Excellent overview of how we use property to create capital and how most of the world does not have a system for documenting ownership. Most people live in an extralegal system. Has recommendations for changing the systems so that real capitalism can work. Read full review
C H A P T E R T H R E E The Mystery of Capital
C H A P T E R F O U R The Mystery of Political Awareness
C HAP T E R F I V E The Missing Lessons of US History
C H A P T E R S I X The Mystery of Legal Failure
C HAP T E R S EV E N By Way of Conclusion