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 36
Page 20
... urban land, to purchase it legally he would have to form an association with his neighbors in order to qualify for a state housing finance program. The entire process could necessitate 168 steps, involving fifty-three public and private ...
... urban land, to purchase it legally he would have to form an association with his neighbors in order to qualify for a state housing finance program. The entire process could necessitate 168 steps, involving fifty-three public and private ...
Page 21
... combination of rules selectively borrowed from the official legal system, ad hoc improvisations, and customs brought from their FIGURE 22 Procedure to formalize informal urban property in the the mystery of missing information 21.
... combination of rules selectively borrowed from the official legal system, ad hoc improvisations, and customs brought from their FIGURE 22 Procedure to formalize informal urban property in the the mystery of missing information 21.
Page 22
... urban property in the Philippines |dentification and Organization “ORIGINAL REGISTRATloN PROCEtajR8" CiCommunity Clerk/Cashier " * PCUP OTHER NHMFC PUBLIC H|GC | OFFICES SEC t N H | : t Mayor City Council ROB UPAO LOCAL Technical ...
... urban property in the Philippines |dentification and Organization “ORIGINAL REGISTRATloN PROCEtajR8" CiCommunity Clerk/Cashier " * PCUP OTHER NHMFC PUBLIC H|GC | OFFICES SEC t N H | : t Mayor City Council ROB UPAO LOCAL Technical ...
Page 24
... Urban # Planning (Edarei Takhtite * El-Omraney) ** City's Land Subdivision Department 9Edaret Takseem El-Aradey) The Governor (El-Mohafez) Survey Department (Maslahet El-Mesaha) Local Survey Office (Maktab El-Mesaha), at governorate ...
... Urban # Planning (Edarei Takhtite * El-Omraney) ** City's Land Subdivision Department 9Edaret Takseem El-Aradey) The Governor (El-Mohafez) Survey Department (Maslahet El-Mesaha) Local Survey Office (Maktab El-Mesaha), at governorate ...
Page 28
... urban poor have created entire industries and neighborhoods that have to operate on clandestine connections to electricity and water. There are even dentists who fill cavities without a license. This is not just a story of the poor ...
... urban poor have created entire industries and neighborhoods that have to operate on clandestine connections to electricity and water. There are even dentists who fill cavities without a license. This is not just a story of the poor ...
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 |
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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