Why does capitalism thrive only in the West? Peruvian economist Hernando de Soto has an original answer: property rights. The third world is full of capital ($9.3 trillion is his estimate), but it’s what he calls dead capital-“houses but not titles, crops but not deeds, businesses but not statutes of incorporation.” Indeed, in many developing countries the idea of legally documenting personal possessions and property is foreign. De Soto details how “establishing property rights [can be] a tool for helping the poor in developing nations to become entrepreneurs,” says Milken. [Michael Milken Annotation]
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