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Thread: Hernando de Soto Knows How To Make the Third World Richer than the First

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    Hernando de Soto Knows How To Make the Third World Richer than the First

    Hernando de Soto is a Peruvian economist. I first came across him when I heard of his book, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. There he explains how in the West we protect private property rights but in third world countries there's too much red tape preventing establishing ownership of property. It's difficult to start a business without capital to invest.

    Here he talks about another way to help bring about prosperity in third world countries. Western state bureaucrats tend to impose individualism on third world countries demanding individuals establish ownership of property. This he argues is mistaken. People simply don't trust this process. Non-Western countries institutionalize local ledgers of ownership. Go to a locality and they can tell you who owns what. These institutions are trusted by the locals. An example he gives is MacArthur in Japan who when beancounters tried to demand individual establish ownership of property, he order them to go out through the country and find the local ledgers and establish ownership that way. Napolean did this as well.

    Anyway, that's the idea of the video which is probably longer than most have patience for.

    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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