Peruvian economist Hernando de Soto has found a way to enrich the poor.
Wednesday, June 23, 2004
“Mr. de Soto points out that multinational corporations are typically among the most direct beneficiaries of his work. Indeed, the formalization of developing country economies may well be the missing link that paves the way for multinational corporations in many industries to enter or expand in these countries, not in their stereotypical role as exploiters of cheap labor and extractors of raw materials, but as seekers of customers, talent, and capital. “Trillions of dollars of dead capital are locked up in the developing world,’ says Peter Schaefer, ILD senior fellow and head of its branch office in Washington, D.C. ’If it were liberated, it could be used to consume and invest.’” Read full article here.