Hernando de Soto
December 17, 2002 11:28 AM Subscribe
Hernando de Soto is the founder of the Institute y Libertad Democracia, one of the world's premier think-tanks on economic development, based in Peru. His argument is that development in the third-world has failed because of institutional barriers which prevent ordinary citizens from legally registering their own property. His viewpoint is not unchallenged though, as Robert J. Samuelson challenges that he overlooks significant cultural differences between the West and "the Rest". These differences reward different values than the West's capitalism, and cause development to take a very different course than Western economists predict it should.
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