The Mystery of Capital
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Title: The Mystery of Capital (Book Review)., By: Demarest, Geoffrey, Military Review, 00264148, Sep/Oct2001, Vol. 81, Issue 5
Database: Academic Search Premier
Those who want to keep up with trends in foreign economic development theory, but do not know where to begin, should read Hernando De Soto's The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (Perseus Books Group, New York, 2000).
De Soto says, "Leaders of the Third World and former communist nations need not wander the world's foreign ministries and international financial institutions seeking their fortune. In the midst of their own poorest neighborhoods and shantytowns, there are trillions of dollars ready to be put to use if only the mystery of how assets are transformed into capital can be unraveled." De Soto's arguments, which are sound, clearly presented and backed by diligent, extensive primary research, extend the free-market theory he first outlines in The Other Path: The Invisible Revolution in the Third World (Harper & Row, New York, 1989), which gained him international recognition.
Capital...
De Soto and his team of researchers documented exhaustively the fact that for the poor to advance materially they must be able to create capital. And, in most developing countries they cannot. One result can be violent class confrontation. De Soto says, "Class confrontations in this day and age? Didn't that concept come down with the Berlin Wall? Unfortunately, it did not. What the West calls 'the underclass' is [elsewhere] the majority. And in the past, when their rising expectations were not met, that mass of angry poor brought apparently solid elites to their knees (as in Iran, Venezuela and Indonesia). In most countries outside the West, governments depend on strong intelligence services, and their elites live behind fortress-like walls for good reason."
As Property...
The reason for an inability to create capital--with consequent class warfare--can in part be found in a lack of formalized property regimes, which in advanced economies survey, record, protect and represent property rights. According to De Soto, "in the West ... every parcel of land, every building, every piece of equipment or store of inventories is represented in a property document that is the visible sign of a vast hidden process that connects all these assets to the rest of the economy." Because this formalized property culture does not exist for the masses of the world's productive poor people, "most people's resources are commercially and financially invisible. Nobody really knows who owns what or where, who is accountable for the performance of obligations, who is responsible for loses and fraud, or what mechanisms are available to enforce for services and goods delivered." The upshot of a failure to create precise, reliable documentation of property rights, property courts, title insurance, brokerage laws and so on, is a world of "dead" capital. Assets might be literally and measurably in trillions of dollars, but they cannot attract investment.
Equals Prosperity
De Soto does not offer a magic formula, but it is refreshing to read a book on international economic theory without the eyes growing heavy and without suffering tired recommendations about forgiving debts or teaching peasants how to grow more catfish and chick peas. Yet, his book is more than a creative excursion into the dry realm of international developmental theory. His perspective is a powerful, unavoidable challenge to any developmental strategy or project that does not embrace the question of broad-based capital formation.
Why place this book on your military professional reading shelf?. For one thing, identifying, mapping, documenting and arbitrating property interests will become a mandatory function of stewardship in places where constabulary interventions occur. Parallel works, such as John P. Powelson's The Story of Land: A World History of Land Tenure and Agrarian Reform (Lincoln Institute of Land Policy, Cambridge, MA, 1988), highlight the correlation between civil violence and informality in systems of property ownership. Property, as a theme within the study of violence and conflict resolution, is on the ascent; the linkage between unprotected property rights and violated human rights is being reasserted everywhere.
De Soto's book provides efficient insight into the relationship of material progress, property and human rights in many failing lands. It includes a matured set of specific actions for enlivening dead capital and establishing the legal and administrative framework for mass economic success.
Энэ "Капиталын нууц" гэсэн номны тоймыг http://search.ebscohost.com -с олж авлаа. Туршилтын ашиглах хугацаа нь 6 сарын 1 хүртэл байх аа. Сэтгүүл, сонин хэвлэлийн мэдээллүүд байдаг юм байна лээ. Надад ном нь байгаа шүү!!!
Title: The Mystery of Capital (Book Review)., By: Demarest, Geoffrey, Military Review, 00264148, Sep/Oct2001, Vol. 81, Issue 5
Database: Academic Search Premier
Those who want to keep up with trends in foreign economic development theory, but do not know where to begin, should read Hernando De Soto's The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (Perseus Books Group, New York, 2000).
De Soto says, "Leaders of the Third World and former communist nations need not wander the world's foreign ministries and international financial institutions seeking their fortune. In the midst of their own poorest neighborhoods and shantytowns, there are trillions of dollars ready to be put to use if only the mystery of how assets are transformed into capital can be unraveled." De Soto's arguments, which are sound, clearly presented and backed by diligent, extensive primary research, extend the free-market theory he first outlines in The Other Path: The Invisible Revolution in the Third World (Harper & Row, New York, 1989), which gained him international recognition.
Capital...
De Soto and his team of researchers documented exhaustively the fact that for the poor to advance materially they must be able to create capital. And, in most developing countries they cannot. One result can be violent class confrontation. De Soto says, "Class confrontations in this day and age? Didn't that concept come down with the Berlin Wall? Unfortunately, it did not. What the West calls 'the underclass' is [elsewhere] the majority. And in the past, when their rising expectations were not met, that mass of angry poor brought apparently solid elites to their knees (as in Iran, Venezuela and Indonesia). In most countries outside the West, governments depend on strong intelligence services, and their elites live behind fortress-like walls for good reason."
As Property...
The reason for an inability to create capital--with consequent class warfare--can in part be found in a lack of formalized property regimes, which in advanced economies survey, record, protect and represent property rights. According to De Soto, "in the West ... every parcel of land, every building, every piece of equipment or store of inventories is represented in a property document that is the visible sign of a vast hidden process that connects all these assets to the rest of the economy." Because this formalized property culture does not exist for the masses of the world's productive poor people, "most people's resources are commercially and financially invisible. Nobody really knows who owns what or where, who is accountable for the performance of obligations, who is responsible for loses and fraud, or what mechanisms are available to enforce for services and goods delivered." The upshot of a failure to create precise, reliable documentation of property rights, property courts, title insurance, brokerage laws and so on, is a world of "dead" capital. Assets might be literally and measurably in trillions of dollars, but they cannot attract investment.
Equals Prosperity
De Soto does not offer a magic formula, but it is refreshing to read a book on international economic theory without the eyes growing heavy and without suffering tired recommendations about forgiving debts or teaching peasants how to grow more catfish and chick peas. Yet, his book is more than a creative excursion into the dry realm of international developmental theory. His perspective is a powerful, unavoidable challenge to any developmental strategy or project that does not embrace the question of broad-based capital formation.
Why place this book on your military professional reading shelf?. For one thing, identifying, mapping, documenting and arbitrating property interests will become a mandatory function of stewardship in places where constabulary interventions occur. Parallel works, such as John P. Powelson's The Story of Land: A World History of Land Tenure and Agrarian Reform (Lincoln Institute of Land Policy, Cambridge, MA, 1988), highlight the correlation between civil violence and informality in systems of property ownership. Property, as a theme within the study of violence and conflict resolution, is on the ascent; the linkage between unprotected property rights and violated human rights is being reasserted everywhere.
De Soto's book provides efficient insight into the relationship of material progress, property and human rights in many failing lands. It includes a matured set of specific actions for enlivening dead capital and establishing the legal and administrative framework for mass economic success.
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