The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere ElseA renowned economist argues for the importance of property rights in "the most intelligent book yet written about the current challenge of establishing capitalism in the developing world" (Economist) "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
Results 1-5 of 76
Page 10
... property law and inventing the conversion process in that law that allowed them to create capital. This was the moment when the West crossed the demarcation line that led to successful capitalism—when it ceased being a private club and ...
... property law and inventing the conversion process in that law that allowed them to create capital. This was the moment when the West crossed the demarcation line that led to successful capitalism—when it ceased being a private club and ...
Page 12
... Legal Failure: Why Property Law Does Not Work Outside the West Since the nineteenth century, nations have been copying the laws of the West to give their citizens the institutional framework to produce wealth. They continue to copy such ...
... Legal Failure: Why Property Law Does Not Work Outside the West Since the nineteenth century, nations have been copying the laws of the West to give their citizens the institutional framework to produce wealth. They continue to copy such ...
Page 21
... land is first to lease it from the government for five years and then buy it. Working with associates in ... law as the law breaks them—and they opt out of the system. In 1976, two ... property in the the mystery of missing information 21.
... land is first to lease it from the government for five years and then buy it. Working with associates in ... law as the law breaks them—and they opt out of the system. In 1976, two ... property in the the mystery of missing information 21.
Page 48
You have reached your viewing limit for this book.
You have reached your viewing limit for this book.
Page 51
You have reached your viewing limit for this book.
You have reached your viewing limit for this book.
Contents
1 | |
15 | |
C H A P T E R T H R E E The Mystery of Capital | 39 |
C H A P T E R F O U R The Mystery of Political Awareness | 69 |
C HAP T E R F I V E The Missing Lessons of US History | 105 |
C H A P T E R S I X The Mystery of Legal Failure | 153 |
C HAP T E R S EV E N By Way of Conclusion | 207 |
Notes | 229 |
Acknowledgments | 241 |
Appendix | 249 |
Index | 259 |
Other editions - View all
Common terms and phrases
advanced nations American apartheid areas assets bell jar buildings capitalist 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 property extralegal sector extralegal social contracts formal law formal property system former communist countries former communist nations fungible global Haiti Hernando de Soto Ibid illegal industrial institutions investment land lawyers legal property system legal system live maps Marx ment Michel Foucault migrants million miners Mystery of Capital nomic official law organizations owners ownership people’s percent Peru political politicians poor population Port-au-Prince potential preemption problem production property arrangements property law property rights protect real estate records reform Revolution rules Rural settlement settlers social contracts society squatters squatting surplus value Third World tion tomahawk rights Total transactions undercapitalized United urban West World and former