Hernando de Soto (economist)
Hernando de Soto | |
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property rights theory | |
Alma mater | University of Geneva (BA) Geneva Graduate Institute (MA) |
Influences | |
Contributions | Dead capital |
Website | https://www.ild.org.pe |
Part of a series on |
Liberalism in Peru |
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Hernando Soto Polar (commonly known Hernando de Soto
In Peru, de Soto's advisory has been recognized as inspiring the economic guidelines—including the loosening of
Internationally, de Soto helped inspire the
Early life and education
De Soto was born on 2 June 1941 in Arequipa, Peru. His father José Alberto Soto was a Peruvian diplomat and lawyer.[23] After the 1948 military coup in Peru, his parents chose exile in Europe, taking their two young sons with them. His father worked for the International Labour Organization following their exile and would often send de Soto back to Peru during the summer months.[23]
In exile, de Soto was educated in Switzerland where he attended the
His younger brother Álvaro served in the Peruvian diplomatic corps in Lima, New York City and Geneva and was seconded to United Nations in 1982. He retired from the U.N. in 2007 with the title rank of Assistant Under-Secretary-General; his last position was as the UN Special Coordinator for the Middle East Peace Process.[25]
There is some controversy around his surname, as his father's surname is Soto, while Hernando's one is de Soto. According to the Peruvian writer, and Nobel prize winner, Mario Vargas Llosa, he changed the surname in order to sound more "aristocratic".[26]
Economics career
Following his post-graduate studies, he worked as an economist for the General Agreement on Tariffs and Trade, a precursor to the World Trade Organization, as well as president of the Committee of the Copper Exporting Countries Organization, CEO of Universal Engineering Corporation and a principal for Swiss Bank Corporation.[23][27]
Founding of the Institute for Liberty and Democracy
De Soto returned to Peru on the behalf of
With the assistance and funding of Fisher and the Atlas Network, de Soto created the Institute for Liberty and Democracy (ILD) in 1981, one of the first neoliberal organizations in Latin America.[16][28] De Soto would later state "Anthony gave us enormous amounts of information and advice on how to get organized. ... It was on the basis of his vision that we designed the structure of the ILD".[28] In 1984, de Soto received further assistance from the United States president Ronald Reagan's administration, with the National Endowment for Democracy's Center for International Private Enterprise (CIPE) providing ILD with funding and education for advertising campaigns.[8][28] In 2003, the CIPE would later describe the ILD as being one of its most successful programs.[28] Other funding was then provided by United States Agency for International Development (USAID) and the Smith Richardson Foundation, with USAID assisting the ILD with staging international networks to propagate their ideals.[16] The ILD would then seek popular support in Peru by making informal housing their main concern.[28]
Fujimori government
Between 1988 and 1995, de Soto and the Institute for Liberty and Democracy (ILD) were mainly responsible for some four hundred initiatives, laws, and regulations that led to significant changes in Peru's economic system.[5][30] The ILD became involved with the Peruvian economy at the end of President Alan García's term.[28] De Soto's group began to grow and advertised to the Peruvian public promoting their legislative goals, borrowing some advertisements from American lotteries.[28]
De Soto then began to serve informally as "the President's personal representative" for the first three years of the administration of Alberto Fujimori. De Soto had originally been a part of the economics advisory team of the unsuccessful presidential candidate
In a recommendation to Fujimori, de Soto called for a "shock" to Peru's economy.[8] De Soto convinced then-president Fujimori to travel to New York City in a meeting organized by the Peruvian Javier Pérez de Cuéllar, secretary-general of the United Nations, where they met with the heads of the International Monetary Fund, the World Bank, and the Inter-American Development Bank, who convinced him to follow the guidelines for economic policy set by the international financial institutions.[8][31] The policies included a 300 percent tax increase, unregulated prices and privatizing two-hundred and fifty state-owned entities.[8] The policies of de Soto caused macroeconomic stability and a reduction in the rate of inflation, though Peru's poverty rate remained largely unchanged with over half of the population living in poverty in 1998.[6][8][32] Peru would not see increased growth until the 2000s commodities boom.[33][34]
Land title initiative
Between 1992 and 1994, de Soto's ILD piloted a
Contrary to de Soto's claims, the land title project provided no change to the access of credit to poor Peruvians.
Resignation and condemnation of Fujimori
De Soto resigned from his post as the "Personal Representative of the President" in January 1992, two months prior to the
Two months after de Soto resigned, Fujimori launched a self-coup which de Soto again condemned as "stupid, unproductive and blatantly unconstitutional".[41] According to de Soto, one month after the coup the Minister of Economy Carlos Boloña contacted de Soto in desperation, after dozens of countries sanctioned Peru economically by cutting it off from investment and credit in response to the undemocratic event. Boloña resigned from his ministerial post, and de Soto lastly travelled to the 1992 Organization of American States summit in the Bahamas with Fujimori and pressured him to accept democratic elections to prevent another macroeconomic crisis.[42]
International policy
Washington Consensus
De Soto was a main contributor to the
The Washington Consensus would result in socioeconomic exclusion and weakened
North American Free Trade Agreement (NAFTA)
Upon its signing, de Soto expressed support for the creation of the North American Free Trade Agreement (NAFTA).[46] When announcing NAFTA at the Annual Meeting of the Boards of Governors of the International Monetary Fund and World Bank Group on 27 September 1989, President George H. W. Bush – who had adopted de Soto's work for the United States' foreign policy towards the economies of developing countries[16] – praised de Soto for helping inspire free trade.[47]
In his speech announcing NAFTA at the 1989 meeting, Bush stated:[47][48]
All across the world, there has been an almost simultaneous rediscovery of the power created when individuals are given the freedom to act in their own best interests. ... True, we are here today mainly to discuss economic freedom. ... The Peruvian economist, Hernando de Soto, has helped us understand a worldwide economic phenomenon. ... When left alone by government, people everywhere organize their lives in remarkably similar ways. De Soto's prescription offers a clear and promising alternative to economic stagnation in Latin America and other parts of the world. ... All our nations have a responsibility to ensure a fair and open trading system.
According to de Soto in 1993, "the virtues of a modern society" were able to be introduced to Latin America as a result of NAFTA.[46] He would later say in 2001 that Mexico's economy and institution would progress due to NAFTA, concluding "All poor countries are lumped together and all rich countries are lumped together; there's this imitation effect".[49]
Advisory work
Following its foundation in Peru, de Soto's institute, the ILD, has worked in dozens of countries.[50] Heads of state in over 35 countries have sought the ILD's services to discuss how ILD's theories on property rights could potentially improve their economies.[50] After the split with Fujimori, he and his institute designed similar programs in El Salvador, Haiti, Tanzania, and Egypt and has worked beside the World Bank, though the institute did not advocate for land title programs and instead promoted longer work hours.[28] De Soto has received criticism of having relationships with controversial political leaders such as Alberto Fujimori and Libyan president Muammar Gaddafi, with de Soto responding to such statements saying "I have advised dictators, but that is irrelevant".[51]
In 2006, de Soto served as a personal representative of President Alan García, and negotiated the Peru-United States Free Trade Agreement after 11 rounds of negotiation. In 2009, the ILD turned its attention back to Peru and the plight of the indigenous peoples of the Peruvian Amazon jungle. In response to Peru's President García's call to all Peruvians to present their proposals toward solving the problems leading to the bloody incidents in Bagua, the ILD assessed the situation and presented its preliminary findings. ILD published a short videotaped documentary, The Mystery of Capital among the Indigenous Peoples of the Amazon, summarizing its findings from indigenous communities in Alaska, Canada and the Peruvian jungle.[52]
After previously working with her father Alberto, de Soto joined Keiko Fujimori with her election campaigns for the 2011 and 2016 Peruvian general election when Fujimori committed to implementing de Soto's property rights reforms.[10][11] In an interview during the first campaign ok Keiko Fujimori, he also stated that Osama bin Laden's death was achieved thanks to land titling, a concept he holds as a way out of poverty.[53] As part of the Fuerza Popular team, he harshly criticized Peruvians for Change candidate Pedro Pablo Kuczynski, whom he described as a "deserter and coward." In an interview with the newspaper Perú21, De Soto said that Kuczynski "is a gringo who does not know Peru, because there are those who do. He is a foreigner to the Peruvian reality."[54]
Political career
2001 Peruvian general election
For the 2001 Peruvian general election, de Soto sought to run for president with his Popular Capital party, though he failed to register the party on time in order to participate.[23][55] At the time, he sought support from left-wing political groups for his candidacy, though they disagreed with his liberal economic policies.[55] He would later become a critic of such groups.[55]
After learning about de Soto's inability to register for the election, former president and leader of the APRA Alan Garcia offered the economist the APRA's presidential nomination. De Soto declined the offer, claiming that he would have been "a figurehead president susceptible to the whims of disciplined APRA congressmen". Later, Garcia offered de Soto the position of Prime Minister, a role that Alberto Fujimori had also offered de Soto. De Soto declined again, not wanting to be held accountable for Garcia's government policies.
2021 presidential campaign
De Soto announced his candidacy for president in September 2020 under the party
On 30 October 2020, De Soto presented his technical team, which included the former president of CONFIEP Miguel Vega Alvear, businessman Carlos Añaños, former Fujimori minister and first Vice President Francisco Tudela, former GEIN commander Marco Miyashiro, the former head of the Operation Chavín de Huantar José Williams, the diplomat Álvaro de Soto, among others.[56][57]
On December 14, 2020, de Soto shared an alleged secret poll in Beto Ortiz's show in Willax Televisión. That poll ranked him first. De Soto spoke in the interview that: "The way this (the cadres) comes to us is because people very close to the state apparatus, it seems, were outraged at the enormous difference between the polls they handle."[58]
In January 2021, a strike was filed that considered that the Go on Country electoral court had not been properly formed. This strike was declared unfounded by the JEE.[59]
Another strike was filed against him by a citizen, because he points out that Hernando de Soto "has entered in the Academic Training section of the resume, which has the academic degree 'demi license en sciences economiques' awarded by the University of Geneva, which would have been obtained in 1964.”. But since this degree or title is not registered with SUNEDU, false information would be declared and it should be excluded from the candidacy.[60][61]
On 24 February 2021, following an approach to advise
De Soto rejected the exclusion of Rafael López Aliaga, an electoral rival in the 2021 elections, for which he appeared at the demonstration of his followers on the outskirts of the JNE, in which Lopez Aliaga was, who praised him.[64]
De Soto was caught in controversy surrounding Vacunagate, a scandal where political elites in Peru were able to be vaccinated against COVID-19 ahead of schedule.[65] He initially denied having received a COVID-19 vaccine "from any Peruvian", though it was later reported that he flew twice to the United States to be vaccinated.[65][66] During presidential debates de Soto promised to work with the United Nations to prevent foreign "criminals or poor people" from entering Peru, stating "Let their governments take care of them, we will take care of ours".[66] He proposed reforming Peru's education for less foreign reliance and increasing the health budget.[67]
Ultimately, de Soto placed fourth in an atomized race of 18 nominees.[12][13][14][15]
Main thesis
The main message of de Soto's work and writings is that no nation can have a strong market economy without adequate participation in an information framework that records ownership of property and other economic information.[68] Unreported, unrecorded economic activity results in that many small entrepreneurs lack legal ownership of their property, making it difficult for them to obtain credit, sell the business, or expand. They cannot seek legal remedies to business conflicts in court, since they do not have legal ownership. Lack of information on income prevents governments from collecting taxes and acting for the public welfare:
The existence of such massive exclusion generates two parallel economies, legal and extra legal. An elite minority enjoys the economic benefits of the law and globalization, while the majority of entrepreneurs are stuck in poverty, where their assets—adding up to more than US$10 trillion worldwide—languish as dead capital in the shadows of the law.[69]
To survive, to protect their assets, and to do as much business as possible, the extralegals create their own rules. But because these local arrangements are full of shortcomings and are not easily enforceable, the extralegals also create their own social, political and economic problems that affect the society at large.
Since the fall of the Berlin Wall, responsible nations around the developing world have worked hard to make the transition to a market economy, but have in general failed.[70] Populist leaders have used this failure of the free market system to wipe out poverty in the developing world to beat their "anti-globalization" drums. But the ILD believes that the real enemy is within the flawed legal systems of developing nations that make it virtually impossible for the majority of their people—and their assets—to gain a stake in the market. The people of these countries have talent, enthusiasm, and an astonishing ability to wring a profit out of practically nothing`.[69]
What the poor majority in the developing world do not have is easy access to the legal system which, in the advanced nations of the world and for the elite in their countries, is the gateway to economic success, for it is in the legal system where property documents are created and standardized according to law. That documentation builds a public memory that permits society to engage in such crucial economic activities as identifying and gaining access to information about individuals, their assets, their titles, rights, charges and obligations; establishing the limits of liability for businesses; knowing an asset's previous economic situation; assuring protection of third parties; and quantifying and valuing assets and rights.[71] These public memory mechanisms in turn facilitate such opportunities as access to credit, the establishment of systems of identification, the creation of systems for credit and insurance information, the provision for housing and infrastructure, the issue of shares, the mortgage of property and a host of other economic activities that drive a modern market economy.[72]
Work and research
Since 2008, de Soto has been refining his thesis about the importance of property rights to development in response to his organization's findings that a number of new global threats have "property rights distortions" at their root. In essays, that appeared from early 2009 into 2012 in media outlets in the U.S. and Europe, de Soto argued that the reason why the U.S. and European economies were mired in recession was the result of a "knowledge crisis" not a financial one.[73][74][75][76][77] He has termed housing assets as "dead capital," in his papers on household ownership and deeds.[78]
"Capitalism lives in two worlds," De Soto wrote in the Financial Times in January 2012. "There is the visible one of palm trees and Panamanian ships, but it is the other – made up of the property information cocooned in laws and records – that allows us to organize and understand fragments of reality and join them creatively."[79] De Soto argued that the knowledge in those public memory systems, which "helped Capitalism triumph," was distorted over the past 15 years or so. "Until this knowledge system is repaired," he wrote, "neither US nor European capitalism will recover."[80]
In another series of articles that appeared in US and Europe in 2011, de Soto used the findings of ILD field research in Egypt, Tunisia and Libya to make his case for "the economic roots of the
After losing core funding from USAID, ILD laid off the majority of their employees from their San Isidro office. In 2014–2015, de Soto and a small team working out of his house began to attempt to guide the political process in Peru, as presidential elections were due to take place in 2016, by finding solutions to the ongoing national mining crisis. De Soto has been a strong advocate for the formalisation of the informal miners that are scattered throughout Peru.[88][89] Since 2014, several large national investment projects, including Las Bambas, and Tia Maria have been disrupted by violent protests by informal miners against government regulation and formal extractive industries.[90] In July 2015, de Soto alleged that former Shining Path militants who have taken up the ecological cause were paralyzing some $70 billion in mining investment in Peru.[91] Furthermore, recorded video debates between the former extremists and de Soto were published on ILD's YouTube channel and revealed that the Shining Path militants agree that property rights could be an important part of the solution to social conflicts in Peru.[92] De Soto's stated goal is to determine the roots of informal hostility against multinationals and identify what is needed to build a national social contract on extractive industries that could harmonize their property interests with those of multinationals as opposed to creating conflict.[91]
De Soto applies thesis to terrorism
In October 2014, de Soto published an article in The Wall Street Journal, "The Capitalist Cure for Terrorism", that stated an aggressive agenda for economic empowerment was needed in the Middle East in order to defeat terrorist groups like
Once again In January 2016, de Soto released his second article, How to Win the War on Terror, which focused on defeating terrorism through promoting strong property rights.[96] The article was distributed by Project Syndicate and published in dozens of countries and languages, including in Switzerland by the World Economic Forum in advance of their 2016 forum.[97][98]
De Soto challenges Thomas Piketty
In 2014, de Soto started to refute French economist
De Soto argued that Piketty's statistics ignore the ninety percent of the world population that lives in developing countries and former Soviet states, whose inhabitants produce and hold their capital in the
De Soto addresses Pope Francis
In February 2016, de Soto took a break from countering Piketty's work and wrote an article addressing Pope Francis’s trip to Mexico titled, A Mexican Impasse for the Pope.[103] The article encourages the Pope and the Vatican to address the lack of property rights among the poor in countries like Mexico as a solution to global refugee crises.[104][105]
A week later, de Soto published a second article in Fortune Magazine addressing the Pope's and US Republican presidential candidate
Blockchain work
In May 2015, de Soto attended the 1st Annual Block Chain Summit hosted by British billionaire
De Soto presented a property application of Bitcoin to Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates and financial authorities of Abu Dhabi at a second Blockchain summit held in Abu Dhabi in 2015.[116]
Reception
Ideology
De Soto's promotion of
The promotion of neoliberalism by de Soto was not only utilized by officials in the United States; other neoliberal economists endorsed de Soto due to his origins from the developing world as well, with Mitchell stating that his background "transformed de Soto into a very useful asset for the neoliberal movement".[118] President of the Atlas Network, Alex Chaufen, said that de Soto was often discussed among the neoliberal community, stating "During the years I spent with Antony [Fisher] at Atlas, I couldn't recall any conversation, any speech about think tanks, any fundraising letter where he did not mention Hernando".[118]
As de Soto began to work with the government of Gloria Macapagal Arroyo in the Philippines in 2004, investigative journalism website Bulatlat described de Soto's work as "rich people's reformism", writing "The secret to de Soto's and ILD's popularity among political, economic and developmental elites ultimately lies in their unashamed conservatism, defense of the status quo and promise of capitalist wealth for the world's poor and exploited. ... Elites get to keep the property they value so much and can continue exploiting and oppressing while the poor – and historically exploited and oppressed – are diverted from systemic struggles by the chimera of becoming wealthy entrepreneurs themselves".[117] In his Planet of Slums, Mike Davis argues that de Soto, who Davis calls "the global guru of neo-liberal populism", is essentially promoting what the statist left in South America and India has always promoted individual land titling.[122] Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy.[122]
Property rights
De Soto's works on property rights has voiced diverse views on the effect of the titling of land.[123][124] The findings at the conclusion of his land title program under Alberto Fujimori found that providing land titles did not provide poor Peruvians with greater access to credit.[28] De Soto has been criticized for methodological and analytical reasons, while some activists have accused him of just wanting to be a representative figure of the prioritizing property rights movement.[125] Some state that his theory does not offer anything new compared to traditional land reform.[126][127] His emphasis on title formalization as the only reason behind economic growth in the United States has been subject to criticism.[128] Property formalization in the United States may have happened as a result of different reasons including establishment of law and order, increased state control, greater institutional integration, increased economic efficiency, increased tax revenue, and greater equality.[129]
Reception from scholars
Empirical studies by Argentine economists Sebastian Galiani and Ernesto Schargrodsky found a modest relationship between titling and credit market access (contradicting de Soto's research), but have also pointed out that families with titles "substantially increased housing investment, reduced household size, and improved the education of their children relative to the control group".[130][131] In a 2012 book by Yale University political science methodologist Thad Dunning, he argues that Galiani and Schargrodsky's studies provide "highly credible" claims because the studies rely on true randomization, whereas De Soto's study did not (and is thus vulnerable to confounding variables).[132]
"De Soto’s proposal is not wealth transfer, but wealth legalization. The poor of the world already possess trillions in assets now. De Soto is not distributing capital to anyone. By making them liquid, everyone’s capital pool grows dramatically".[133] While analysing Schaefer's arguments, Roy writes, "de Soto’s ideas are seductive precisely because they only guarantee the latter, but in doing so promise the former".[134][135] Robert J. Samuelson has argued against what he sees as de Soto's "single bullet" approach and has argued for a greater emphasis on culture and how local conditions affect people's perceptions of their opportunities.[136]
In the Journal of Economic Literature, Christopher Woodruff of the University of California, San Diego criticized de Soto for overestimating the amount of wealth that land titling now informally owned property could unlock and argues that "de Soto's own experience in Peru suggests that land titling by itself is not likely to have much effect. Titling must be followed by a series of politically challenging steps. Improving the efficiency of judicial systems, rewriting bankruptcy codes, restructuring financial market regulations, and similar reforms will involve much more difficult choices by policymakers."[137][138]
Reception from governmental officials
The argument for private and often individualist property regime comes under the question of societal legitimacy, may not be justified even if de Soto eyes bringing a unified system in a state or unification with the global economy.[133]
His work has also received praise from two United Nations secretaries-general: Kofi Annan – "Hernando de Soto is absolutely right, that we need to rethink how we capture economic growth and development"[139] – and Javier Pérez de Cuéllar – "A crucial contribution. A new proposal for change that is valid for the whole world."[140] UN Special Rapporteur on the right to food, Olivier De Schutter, has questioned the insistence on titling as a means to protect security of tenure based on the risk that titling will undermine customary forms of tenure and insufficiently protect the rights of land users that depend on the commons, as well as the fear that titling schemes may lead to further reconcentration of land ownership.
A study commissioned by
Reception from activists
Grassroots controlled and directed shack dwellers movements like Abahlali baseMjondolo in South Africa and the Homeless Workers' Movement (Movimento dos Trabalhadores Sem Teto – MTST) in Brazil[142][143] have strenuously argued against individual titling and for communal and democratic systems of collective land tenure because this offers protection to the poorest and prevents 'downward raiding' in which richer people displace squatters once their neighborhoods are formalized.
Publications
Neoliberal politicians and organizations promoted de Soto's publications, with their endorsements and awards making his books bestsellers.[144] Since the publication of The Mystery of Capital in 2000 and subsequent translations, his ideas have become increasingly influential in the field of development economics. Scholars have disputed that there is a significant relationship between land titles and credit market access.
In the
On January 31, 2012, de Soto and his publisher were fined by the Peruvian intellectual property rights organization INDECOPI for excluding the names of co-authors Enrique Ghersi and Mario Ghibellini in newer editions of his 1986 book The Other Path.[147][148][149][150]
Relationship with elites
An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful.[151] Reporter John Gravois also criticized de Soto for his ties to power circles, exemplified by his attendance at the Davos World Economic Forum. In response, de Soto told Gravois that this proximity to power would help de Soto educate the elites about poverty. Ivan Osorio of the Competitive Enterprise Institute has argued against Gravois's allegations, claiming that Gravois has misinterpreted many of de Soto's recommendations.[152]
Awards and accolades
Among the prizes he has received are:[23][27]
1990
- The Fisher Prize from the Atlas Network
1995
- The Freedom Prize (Switzerland)
2002
- The Goldwater Award (USA)
- Adam Smith Award from the Association of Private Enterprise Education(USA)
- The CARE Canada Award for Outstanding Development Thinking (Canada)
2003
- Received the Downey Fellowship at Yale University
- The Democracy Hall of Fame International Award from the National Graduate University (USA)
2004
- The Templeton Freedom Prize (USA)
- The Milton Friedman Prize for Advancing Liberty (USA)[35]
- The Royal Decoration of the Most Admirable Order of the Direkgunabhorn, 5th Class, (Thailand)
2005
- An honorary Doctor of Letters from the University of Buckingham (United Kingdom),
- The Americas Award (USA)
- Was named the Most Outstanding of 2004 for Economic Development at Home and Abroad by the Peruvian National Assembly of Rectors
- The Prize of Deutsche Stiftung Eigentum for exceptional contributions to the theory of property rights
- The 2004 IPAE Award by the Peruvian Institute of Business Administration
- The Golden Plate Award2005 (USA) in tribute to his outstanding accomplishments
- The Forbesmagazine's seventh Compass Award for Strategic Direction
- Was named as a "Fellow of the Class of 1930" by Dartmouth College.
2006
- The 2006 Bradley Prize for outstanding achievement by the Bradley Foundation.[158]
- The 2006 Innovation Award (Social and Economic Innovation) from The Economist magazine (December 2, 2006) for the promotion of property rights and economic development.[159]
2007
- The Poder BCG Business Awards 2007, granted by Poder Magazine and the Boston Consulting Group, for the "Best Anti-Poverty Initiative"
- The anthology Die Zwölf Wichtigsten Ökonomen der Welt (The World's Twelve Most Influential Economists, 2007), included a profile of de Soto among a list that begins with Adam Smith and includes such recent winners of the Nobel Prize in Economics as Joseph Stiglitz and Amartya Sen.
- The 2007 Humanitarian Award in recognition of his work to help poor people participate in the market economy.
2009
- Honorary patron of the Trinity College, Dublinfor having excelled in public life and made a worthy contribution to society.
- The inaugural Hernando de Soto Award for Democracy awarded by the Center for International Private Enterprise (CIPE) in recognition of his extraordinary achievements in furthering economic freedom in Peru and throughout the developing world.[160]
2010
- The Hayek Medal for his theories on liberal development policy ("market economy from below") and for the appropriate implementation of his concepts by two Peruvian presidents.
- The Medal of the Presidency of the Italian Republic(Council of Ministers) in recognition of his contribution toward the betterment of humankind and having worked for the future of the earth through his commitment.
2016
- The 2016 Brigham–Kanner Property Rights Prize from William & Mary Law School during a ceremony in The Hague, Netherlands, in October 2016.[161]
2017
- Recipient of the Global Award for Entrepreneurship Research 2017.[162]
Publications
Books
De Soto has published two books about economic development: The Other Path: The Invisible Revolution in the Third World in 1986 in Spanish (with a new edition in 2002 titled The Other Path, The Economic Answer to Terrorism) and in 2000, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (
The original Spanish-language title of The Other Path is El Otro Sendero, an allusion to de Soto's alternative proposals for development in Peru, countering the attempts of the "Shining Path" ("Sendero Luminoso") to win the support of Peru's poor. Based on five years' worth of ILD research into the causes of massive informality and legal exclusion in Peru, the book was also a direct intellectual challenge to the Shining Path, offering to the poor of Peru not the violent overthrow of the system but "the other path" out of poverty, through legal reform. In response, the Senderistas added de Soto to their assassination list. In July 1992, the terrorists sent a second car bomb into ILD headquarters in Lima, killing 3 and wounding 19.
In addition, he has written, with Francis Cheneval, Swiss Human Rights Book Volume 1: Realizing Property Rights, published in 2006 – a collection of papers presented at an international symposium in Switzerland in 2006 on the urgency of property rights in impoverished countries for small business owners, women, and other vulnerable groups, such as the poor and political refugees. The book includes a paper on the ILD's work in Tanzania delivered by Hernando de Soto.[163]
- De Soto, Hernando. The Other Path: The Invisible Revolution in the Third World. Harpercollins, 1989. ISBN 0-06-016020-9
- De Soto, Hernando. The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. Basic Books, 2000. ISBN 0-465-01614-6
- De Soto, Hernando. ISBN 0-465-01610-3
- De Soto, Hernando and Francis Cheneval. Swiss Human Rights Book Volume 1: Realizing Property Rights, 2006. ISBN 978-3-907625-25-5
- Smith, Barry et al. (eds.). The Mystery of Capital and the Construction of Social Reality, Chicago: Open Court, 2008. ISBN 0-8126-9615-8
See also
- Contributions to liberal theory
- Crony capitalism
- Dependency theory
- Documentality
- Liberalism
- Mercantilism
- Milton Friedman
- The Other Path: The Economic Answer to Terrorism
References
- .
de Soto became the country's leading advocate of neoliberal reorganization
- ^ "En unas elecciones impredecibles, la única certeza en Perú es que habrá segunda vuelta". France 24. 2021-04-05. Retrieved 2021-04-07.
- ^ Institute for Liberty and Democracy, "Hernando de Soto – Detailed Bio". (accessed 16 March 2013)
- NACLA. Retrieved 2020-12-11.
- ^ ISSN 0362-4331. Retrieved 2020-09-26.
- ^ )
- ^ RPP (Peru)(in Spanish). Retrieved 2020-12-11.
- ^ ISBN 978-3319963815.
- ^ "Peru seeks to maintain growth as demand for commodities falls". Oxford Business Group. 2016-02-14. Archived from the original on 2021-04-10. Retrieved 2020-12-07.
- ^ a b "Peru economist Hernando de Soto endorses Keiko Fujimori". Perú Reports. 2016-05-08. Retrieved 2020-12-11.
- ^ a b "De Soto says Fujimori backs Peru anti-poverty plan". Reuters (in German). 2011-05-26. Retrieved 2020-12-11.[dead link]
- ^ a b El Comercio, Sebastián Martínez Ortiz (2020-09-25). "Hernando de Soto "será el candidato presidencial" de Avanza País, afirma dirigente". El Comercio (in Spanish). Retrieved 2020-09-26.
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{{cite news}}
:|first=
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External links
- Institute for Liberty and Democracy official website.
- "Slumdogs vs. Millionaires", Newsweek's Barrett Sheridan interviews Hernando de Soto
- The Great Issues Forum Archived 2009-06-19 at the Wayback Machine, video of Naomi Klein, Joseph Stiglitz, and Hernando de Soto discussing the financial crisis
- "Mapping the Invisible", speech by Hernando de Soto at the 2009 ESRI Archived 2010-01-02 at the Wayback Machine International User Conference
- The Munk Debate on Foreign Aid, 2009. Stephen Lewis and Paul Collier against Peruvian economist Hernando de Soto and Dambisa Moyo, a Zambian-born critic of foreign aid.
- Afternoon of Conversation: Andrea Mitchell, Madeleine Albright, Hernando De Soto, video of conversation
- The Rule of Law – an interview with Hernando de Soto By Gustavo Wensjoe 2008
- Transcript of an interview for the PBS documentary Commanding Heights.
- A highly critical review in the British newspaper The Guardian
- An essay by Robert Samuelson in Foreign Affairs, arguing that de Soto underestimates the importance of culture
- Soto's publication list
- The Power of the Poor – Documentary about de Soto's work by Free to Choose Media
- Appearances on C-SPAN