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 6-10 of 82
Page 20
... land took six years and eleven months, requiring 207 administrative steps in fifty-two government offices (see Figure 2.1). To obtain a legal title for that piece of land took 728 steps. We also found that a private bus, jitney, or taxi ...
... land took six years and eleven months, requiring 207 administrative steps in fifty-two government offices (see Figure 2.1). To obtain a legal title for that piece of land took 728 steps. We also found that a private bus, jitney, or taxi ...
Page 21
... land for five years. To buy the land required another 111 bureaucratic hurdles—and twelve more years (See Figure 2.4). Total time to gain lawful land in Haiti: nineteen years. Yet even this long ordeal will not ensure that the property ...
... land for five years. To buy the land required another 111 bureaucratic hurdles—and twelve more years (See Figure 2.4). Total time to gain lawful land in Haiti: nineteen years. Yet even this long ordeal will not ensure that the property ...
Page 22
... Land Secon DVision (LSD) Clerk of the Chief (LSD) | * * : : * * s Engineer of the Section (Māpping Section) L M B ... LAND : : :S R. 7.5 MONTHS 4.9-42.4 YEARS Project de Loi au Conceit Vill. Aprobation du Projet de.
... Land Secon DVision (LSD) Clerk of the Chief (LSD) | * * : : * * s Engineer of the Section (Māpping Section) L M B ... LAND : : :S R. 7.5 MONTHS 4.9-42.4 YEARS Project de Loi au Conceit Vill. Aprobation du Projet de.
Page 23
... LAND : : :S R :A :£ Y #.3 :3 # : | * : * s #R :EA :Y : :3 #:2 .||: A.|:| * 1.7-6.4 YEARS FIGURE 2:3 Procedure to gain access to desert land for.
... LAND : : :S R :A :£ Y #.3 :3 # : | * : * s #R :EA :Y : :3 #:2 .||: A.|:| * 1.7-6.4 YEARS FIGURE 2:3 Procedure to gain access to desert land for.
Page 24
... land for construction purposes and to register these property rights in Egypt (6–14 years) Prime Minister Office Q Main Real Estate Registry (maktab El-Shahr El-Akary El-Raesy), at governote level Local Real Estate Registry (Maktab El ...
... land for construction purposes and to register these property rights in Egypt (6–14 years) Prime Minister Office Q Main Real Estate Registry (maktab El-Shahr El-Akary El-Raesy), at governote level Local Real Estate Registry (Maktab El ...
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