Despite accolades from luminaries as diverse as Bill Clinton and William F. Buckley Jr., Peruvian economist Hernando de Soto is quite mistaken in his diagnosis of the real hindrance to economic development in the Third World and former Soviet bloc countries. Rather than the lack of titles to property, the problem is the inadequacy of their domestic savings to finance investment.

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Other Independent Review articles by James C. W. Ahiakpor
    Spring 2008   Letters to the Editor
    Fall 2007   On Classical Economics
    Spring 1999   Ethnic Diversity, Liberty and the State
[View All (5)]