The Mystery of Capital
Why Capitalism Triumphs in the West and Fails Everywhere Else
Author: Hernando De Soto
ISBN: 9780465004010
Publisher: Basic Books
Published Date: 2007-03-20
ISBN: 9780465004010
Publisher: Basic Books
Published Date: 2007-03-20
About this book
In the contemporary landscape where the victory of capitalism appears indisputable, Hernando de Soto introduces a compelling paradox: why is it that capitalism thrives in the Western world yet struggles to replicate its success elsewhere? De Soto challenges the common notion that cultural differences are the determinants of economic prosperity. Instead, he points to the legal infrastructure governing property rights as the pivotal factor.
De Soto argues that the journey from informal property systems to formalized, unified legal frameworks for property rights is a crucial transition that developed nations have successfully navigated—a process often underestimated in today's global economy. "The Mystery of Capital" not only reevaluates our comprehension of capital but also calls for a profound overhaul of the global economic system, highlighting the indispensable role of property rights in fostering economic development.
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