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.

James C. W. Ahiakpor is a Professor of Economics at California State University, East Bay.
Economic FreedomEconomic History and DevelopmentEconomic PolicyEconomyFree Market EconomicsInternational Economics and Development
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: The African Dilemma
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