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Hernando De Soto

Biography: 

Founder and President, Institute for Liberty and Democracy; Author, The Mystery of Capitalism: Why Capitalism Triumphs in the West and Fails Everywhere Else.

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CULTURE CLASH: A Talk with Hernando De Soto

with Hernando De Sotovia Uncommon Knowledge
Monday, April 22, 2002

In the West, capitalism reigns triumphant. Living standards, wealth, and technological development in the capitalist Western countries surpass anything seen before in human history. But why has capitalism so obviously failed in most developing countries? Why are some saying that capitalism is in a state of crisis today in the Third World? Does the success of capitalism depend on Western cultural values that simply don't translate to the Third World? Or can economic and political reforms, especially reform of property rights, enable developing countries to share the same fruits of capitalism and free enterprise that we enjoy in the West?