Suchergebnisse

Peruvian economist Hernando de Soto revolutionized conventional approaches to development issues. Following squarely in the footsteps of Milton Friedman, he counters the "third-worldist" precept that world poverty is the consequence of freemarket globalization, which deprives poor countries of the capital they need to build their economies. What they really lack, says Mr. de Soto in this interview with Henri Lepage, is a legal framework. Capital is available in even the poorest countries, but people do not have access to legal systems governing formal property rights, which are necessary to limit the uncertainty & precariousness of transactions. With his teams at the Institute for Liberty & Democracy, he works to aid governments get out of the vicious circle of informal economies. The hard part is convincing local elites of the benefits of capitalism when the failures of policies imposed by the IMF have largely discredited free-market recipes in the eyes of the public. Adapted from the source document.