hernando de soto inst

<div>libtard</div><div>
</div><div><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)">https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)</a></div><div>
</div><div>Hernando de Soto Polar (commonly known as simply Hernando de Soto <a href="https://en.wikipedia.org/wiki/Help:IPA/English" title="Help:IPA/English">/dəˈsoʊtoʊ/</a>; born June 2, 1941) is a prominent Peruvian <a href="https://en.wikipedia.org/wiki/Economist" title="Economist">economist</a> known for his work on the <a href="https://en.wikipedia.org/wiki/Informal_economy" title="Informal economy">informal economy</a> and on the importance of business and <a href="https://en.wikipedia.org/wiki/Property_rights" class="mw-redirect" title="Property rights">property rights</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:10-1">[1]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-2">[2]</a> His work on the developing world has earned him praise worldwide by numerous heads of state, particularly for his publication The Mystery of Capital and The Other Path. He is the current president of the <a href="https://en.wikipedia.org/wiki/Institute_for_Liberty_and_Democracy" title="Institute for Liberty and Democracy">Institute for Liberty and Democracy</a> (ILD), a think tank devoted to promoting <a href="https://en.wikipedia.org/wiki/Economic_development" title="Economic development">economic development</a> in developing countries located in <a href="https://en.wikipedia.org/wiki/Lima" title="Lima">Lima</a>, Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-ild2-3">[3]</a>

In Peru, de Soto's advisory has been recognized as inspiring the economic guidelines – including the loosening of <a href="https://en.wikipedia.org/wiki/Economic_regulation" class="mw-redirect" title="Economic regulation">economic regulation</a>, the introduction of <a href="https://en.wikipedia.org/wiki/Austerity" title="Austerity">austerity</a> measures and the utilization of neoliberal policies – that were ultimately adopted by the government of <a href="https://en.wikipedia.org/wiki/Alberto_Fujimori" title="">Alberto Fujimori</a> and established in the <a href="https://en.wikipedia.org/wiki/Constitution_of_Peru" title="Constitution of Peru">1993 Constitution of Peru</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-4">[4]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:1-5">[5]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:2-6">[6]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:3-7">[7]</a>

The policies utilized by de Soto initially resulted with increased

misery for poor Peruvians as de Soto's prescribed "Fujishock" caused

increased prices and would provide little change to the poverty rate.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:21-8">[8]</a>

Eventually, the policies resulted in Peru becoming macro-economically

stable following the period of price controls and increased regulation

established during the <a href="https://en.wikipedia.org/wiki/Lost_Decade(Peru)" title="Lost Decade (Peru)">Lost Decade</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:0-9">[9]</a> De Soto would go on to support Alberto's daughter, <a href="https://en.wikipedia.org/wiki/Keiko_Fujimori" title="Keiko Fujimori">Keiko Fujimori</a>, serving as an advisor during her presidential campaigns.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:3-7">[7]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:4-10">[10]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:5-11">[11]</a> De Soto worked closely with various Peruvian governments, even serving as a negotiator for the <a href="https://en.wikipedia.org/wiki/Peru%E2%80%93United_States_Trade_Promotion_Agreement" title="Peru–United States Trade Promotion Agreement">Peru-United States Free Trade Agreement</a>. After years of speculation, de Soto ran for the Peruvian presidency in the <a href="https://en.wikipedia.org/wiki/2021_Peruvian_general_election" title="2021 Peruvian general election">2021 presidential election</a>, placing fourth in an atomized race of 18 nominees.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:23-12">[12]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:24-13">[13]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:25-14">[14]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:26-15">[15]</a>

Internationally, de Soto helped inspire the <a href="https://en.wikipedia.org/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a> macroeconomic prescriptions and was credited by economist <a href="https://en.wikipedia.org/wiki/John_Williamson(economist)" title="John Williamson (economist)">John Williamson</a>, who coined the consensus' name.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> He also supported the creation of the <a href="https://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement" title="North American Free Trade Agreement">North American Free Trade Agreement (NAFTA)</a>,<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:16-17">[17]</a> with <a href="https://en.wikipedia.org/wiki/George_H.W.Bush" title="George H. W. Bush">George H.W. Bush</a> praising his promotion of <a href="https://en.wikipedia.org/wiki/Free_trade" title="Free trade">free trade</a> when announcing the North American agreement.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-18">[18]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:17-19">[19]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:19-20">[20]</a> Other heads of state have recognized de Soto, including <a href="https://en.wikipedia.org/wiki/Bill_Clinton" title="Bill Clinton">Bill Clinton</a>, <a href="https://en.wikipedia.org/wiki/Vladimir_Putin" title="Vladimir Putin">Vladimir Putin</a>, <a href="https://en.wikipedia.org/wiki/Emmanuel_Macron" title="Emmanuel Macron">Emmanuel Macron</a>, <a href="https://en.wikipedia.org/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> and <a href="https://en.wikipedia.org/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-21">[21]</a> The ILD has received praise from other people including Nobel laureate <a href="https://en.wikipedia.org/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, <a href="https://en.wikipedia.org/wiki/World_Bank" title="World Bank">World Bank</a> President <a href="https://en.wikipedia.org/wiki/James_Wolfensohn" title="James Wolfensohn">James Wolfensohn</a>, and former UN General Secretary <a href="https://en.wikipedia.org/wiki/Javier_P%C3%A9rez_de_Cu%C3%A9llar" title="Javier Pérez de Cuéllar">Javier Pérez de Cuéllar</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-22">[22]</a>

<div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none" /><div class="toctitle" dir="ltr" lang="en"><h2 id="mw-toc-heading">Contents</h2><label class="toctogglelabel" for="toctogglecheckbox" /></div>

<ul><li class="toclevel-1 tocsection-1"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Early_life_and_education">1 Early life and education</a></li><li class="toclevel-1 tocsection-2"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Economics_career">2 Economics career</a>

<ul><li class="toclevel-2 tocsection-3"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Founding_of_the_Institute_for_Liberty_and_Democracy">2.1 Founding of the Institute for Liberty and Democracy</a></li><li class="toclevel-2 tocsection-4"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Fujimori_government">2.2 Fujimori government</a>

<ul><li class="toclevel-3 tocsection-5"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Land_title_initiative">2.2.1 Land title initiative</a></li><li class="toclevel-3 tocsection-6"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Resignation_and_condemnation_of_Fujimori">2.2.2 Resignation and condemnation of Fujimori</a></li></ul>

</li><li class="toclevel-2 tocsection-7"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#International_policy">2.3 International policy</a>

<ul><li class="toclevel-3 tocsection-8"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Washington_Consensus">2.3.1 Washington Consensus</a></li><li class="toclevel-3 tocsection-9"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#North_American_Free_Trade_Agreement_(NAFTA)">2.3.2 North American Free Trade Agreement (NAFTA)</a></li></ul>

</li><li class="toclevel-2 tocsection-10"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Advisory_work">2.4 Advisory work</a></li></ul>

</li><li class="toclevel-1 tocsection-11"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Political_career">3 Political career</a>

<ul><li class="toclevel-2 tocsection-12"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#2001_Peruvian_general_election">3.1 2001 Peruvian general election</a></li><li class="toclevel-2 tocsection-13"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#2021_presidential_campaign">3.2 2021 presidential campaign</a></li></ul>

</li><li class="toclevel-1 tocsection-14"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Main_thesis">4 Main thesis</a></li><li class="toclevel-1 tocsection-15"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Work_and_research">5 Work and research</a>

<ul><li class="toclevel-2 tocsection-16"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#De_Soto_applies_thesis_to_terrorism">5.1 De Soto applies thesis to terrorism</a></li><li class="toclevel-2 tocsection-17"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#De_Soto_challenges_Thomas_Piketty">5.2 De Soto challenges Thomas Piketty</a></li><li class="toclevel-2 tocsection-18"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#De_Soto_adresses_Pope_Francis">5.3 De Soto adresses Pope Francis</a></li><li class="toclevel-2 tocsection-19"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Blockchain_work">5.4 Blockchain work</a></li></ul>

</li><li class="toclevel-1 tocsection-20"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Reception">6 Reception</a>

<ul><li class="toclevel-2 tocsection-21"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Ideology">6.1 Ideology</a></li><li class="toclevel-2 tocsection-22"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Property_rights">6.2 Property rights</a>

<ul><li class="toclevel-3 tocsection-23"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Reception_from_scholars">6.2.1 Reception from scholars</a></li><li class="toclevel-3 tocsection-24"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Reception_from_governmental_officials">6.2.2 Reception from governmental officials</a></li><li class="toclevel-3 tocsection-25"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Reception_from_activists">6.2.3 Reception from activists</a></li></ul>

</li><li class="toclevel-2 tocsection-26"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Publications">6.3 Publications</a></li><li class="toclevel-2 tocsection-27"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#Relationship_with_elites">6.4 Relationship with elites</a></li></ul>

</li><li class="toclevel-1 tocsection-28"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Awards_and_accolades">7 Awards and accolades</a>

<ul><li class="toclevel-2 tocsection-29"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#World_Justice_Project">7.1 World Justice Project</a></li></ul>

</li><li class="toclevel-1 tocsection-30"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Publications_2">8 Publications</a>

<ul><li class="toclevel-2 tocsection-31"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#Books">8.1 Books</a></li></ul>

</li><li class="toclevel-1 tocsection-32"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#See_also">9 See also</a></li><li class="toclevel-1 tocsection-33"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#References">10 References</a></li><li class="toclevel-1 tocsection-34"><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#External_links">11 External links</a></li></ul>

</div>

<h2>Early life and education</h2>De Soto was born on 2 June 1941 in <a href="https://en.wikipedia.org/wiki/Arequipa" title="Arequipa">Arequipa</a>, Peru. His father José Alberto Soto was a Peruvian diplomat and lawyer.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:6-23">[23]</a> After the <a href="https://en.wikipedia.org/wiki/Manuel_A.Odr%C3%ADa" title="Manuel A. Odría">1948 military coup in Peru</a>, his parents chose exile in Europe, taking their two young sons with them. His father worked for the <a href="https://en.wikipedia.org/wiki/International_Labour_Organization" title="International Labour Organization">International Labour Organization</a> following their exile and would often send de Soto back to Peru during the summer months.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:6-23">[23]</a>

In exile, de Soto was educated in Switzerland where he attended the <a href="https://en.wikipedia.org/wiki/International_School_of_Geneva" title="International School of Geneva">International School of Geneva</a>. He studied <a href="https://en.wikipedia.org/wiki/Social_psychology" title="Social psychology">social psychology</a> in <a href="https://en.wikipedia.org/wiki/National_University_of_Saint_Augustine" title="National University of Saint Augustine">National University of Saint Augustine</a> in <a href="https://en.wikipedia.org/wiki/Arequipa" title="Arequipa">Arequipa</a>, <a href="https://en.wikipedia.org/wiki/Peru" title="Peru">Peru</a>. He returned to <a href="https://en.wikipedia.org/wiki/Geneva" title="Geneva">Geneva</a> and received a bachelor's degree in <a href="https://en.wikipedia.org/wiki/Economics" title="Economics">economics</a> from the <a href="https://en.wikipedia.org/wiki/University_of_Geneva" title="University of Geneva">University of Geneva</a>. In 1967, he earned a master's degree in international law and economics from <a href="https://en.wikipedia.org/wiki/Graduate_Institute_of_International_Studies" class="mw-redirect" title="Graduate Institute of International Studies">Graduate Institute of International Studies</a>, also in <a href="https://en.wikipedia.org/wiki/Geneva" title="Geneva">Geneva</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-24">[24]</a>

His younger brother Álvaro served in the Peruvian diplomatic corps in Lima, <a href="https://en.wikipedia.org/wiki/New_York_City" title="New York City">New York City</a> and <a href="https://en.wikipedia.org/wiki/Geneva" title="Geneva">Geneva</a>

and was seconded to United Nations in 1982. He retired from the U.N. in

2007 with the title rank of Assistant Under-Secretary-General; his last

position was as the UN Special Coordinator for the Middle East Peace

Process.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-25">[25]</a>

<h2>Economics career</h2>Following his post-graduate studies, he worked as an economist for the <a href="https://en.wikipedia.org/wiki/General_Agreement_on_Tariffs_and_Trade" title="General Agreement on Tariffs and Trade">General Agreement on Tariffs and Trade</a>, a precursor to the <a href="https://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a>,

as well as president of the Committee of the Copper Exporting Countries

Organization, CEO of Universal Engineering Corporation and a principal

for <a href="https://en.wikipedia.org/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:6-23">[23]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:7-26">[26]</a>

<h3>Founding of the Institute for Liberty and Democracy</h3>De Soto returned to Peru on the behalf of <a href="https://en.wikipedia.org/wiki/Gold_placer_claim" title="Gold placer claim">gold placer</a>

investors at the age of 38 in 1979 at a time when neoliberal policy was

moving from the fringes of economic theory to mainstream practice.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:6-23">[23]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-28">[28]</a> Upon de Soto's return in 1979, he met with <a href="https://en.wikipedia.org/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a>, a free market proponent who helped create the <a href="https://en.wikipedia.org/wiki/Mont_Pelerin_Society" title="Mont Pelerin Society">Mont Pelerin Society</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> Hayek, who sought to promote neoliberalism through a network of "second hand dealers", choosing de Soto.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:14-16">[16]</a> After making connections with Hayek, de Soto was acquainted with Sir <a href="https://en.wikipedia.org/wiki/Antony_Fisher" title="Antony Fisher">Antony Fisher</a>, a British businessman who created the <a href="https://en.wikipedia.org/wiki/Atlas_Network" title="Atlas Network">Atlas Network</a>,

a nonprofit libertarian umbrella group that consolidated funds and

research from businesses in the United States and Europe in order to

create neoliberal organizations in developing countries.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

With the assistance and funding of Fisher and the Atlas Network, de Soto created the <a href="https://en.wikipedia.org/wiki/Institute_for_Liberty_and_Democracy" title="Institute for Liberty and Democracy">Institute for Liberty and Democracy</a> (ILD) in 1981, one of the first neoliberal organizations in Latin America.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a>

De Soto would later state "Anthony gave us enormous amounts of

information and advice on how to get organized. ... It was on the basis

of his vision that we designed the structure of the ILD".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> In 1984, de Soto received further assistance from the United States president <a href="https://en.wikipedia.org/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a>'s administration, with the <a href="https://en.wikipedia.org/wiki/National_Endowment_for_Democracy" title="National Endowment for Democracy">National Endowment for Democracy</a>'s Center for International Private Enterprise (CIPE) providing ILD with funding and education for advertising campaigns.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> In 2003, the CIPE would later describe the ILD as being one of its most successful programs.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> Other funding was then provided by <a href="https://en.wikipedia.org/wiki/United_States_Agency_for_International_Development" title="United States Agency for International Development">United States Agency for International Development</a> (USAID) and the <a href="https://en.wikipedia.org/wiki/Smith_Richardson_Foundation" title="Smith Richardson Foundation">Smith Richardson Foundation</a>, with USAID assisting the ILD with staging international networks to propagate their ideals.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> The ILD would then seek popular support in Peru by making informal housing their main concern.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a>

<h3>Fujimori government</h3>Between

1988 and 1995, de Soto and the Institute for Liberty and Democracy

(ILD) were mainly responsible for some four hundred initiatives, laws,

and regulations that led to significant changes in Peru's <a href="https://en.wikipedia.org/wiki/Economic_system" title="Economic system">economic system</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:1-5">[5]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-29">[29]</a> The ILD became involved with the Peruvian economy at the end of President <a href="https://en.wikipedia.org/wiki/Alan_Garc%C3%ADa" title="Alan García">Alan García</a>'s term.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

De Soto's group began to grown and advertised to the Peruvian public

promoting their legislative goals, borrowing some advertisements from

American lotteries.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

De Soto then began to serve informally as "the President's

personal representative" for the first three years of the administration

of Alberto Fujimori. De Soto had originally been a part of the

economics advisory team of the unsuccessful presidential candidate <a href="https://en.wikipedia.org/wiki/Mario_Vargas_Llosa" title="Mario Vargas Llosa">Mario Vargas Llosa</a> <a href="https://en.wikipedia.org/wiki/1990_Peruvian_general_election" title="1990 Peruvian general election">in 1990</a>, but Fujimori later requested de Soto's assistance in resolving the economic issues that were produced by the <a href="https://en.wikipedia.org/wiki/Lost_Decade(Peru)" title="Lost Decade (Peru)">crisis of the 1980s</a>. <a href="https://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times">The New York Times</a> described de Soto as an "overseas salesman" for the government of <a href="https://en.wikipedia.org/wiki/Alberto_Fujimori" title="Alberto Fujimori">Alberto Fujimori</a> in 1990, writing that he had represented the government when meeting with <a href="https://en.wikipedia.org/wiki/Creditors" class="mw-redirect" title="Creditors">creditors</a> and the United States representatives.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:1-5">[5]</a> Others dubbed de Soto as the "informal president" for Fujimori.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:21-8">[8]</a>

In a recommendation to Fujimori, de Soto called for a "shock" to Peru's economy.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:21-8">[8]</a> De Soto convinced then-president Fujimori to travel to <a href="https://en.wikipedia.org/wiki/New_York_City" title="New York City">New York City</a> in a meeting organized by the Peruvian <a href="https://en.wikipedia.org/wiki/Javier_P%C3%A9rez_de_Cu%C3%A9llar" title="Javier Pérez de Cuéllar">Javier Pérez de Cuéllar</a>,

secretary general of the United Nations, where they met with the heads

of the International Monetary Fund, the World Bank, and the <a href="https://en.wikipedia.org/wiki/Inter-American_Development_Bank" title="Inter-American Development Bank">Inter-American Development Bank</a>, who convinced him to follow the guidelines for economic policy set by the international financial institutions.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-30">[30]</a>

The policies included a three-hundred percent tax increase, unregulated

prices and privatizing two-hundred and fifty state-owned entities.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a> The policies of de Soto led to the immediate suffering of poor Peruvians who saw unregulated prices increase rapidly.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a> Those living in poverty saw prices increase so much that they could no longer afford food.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a> Over time, however, the policies caused macroeconomic stability and a reduction in the rate of <a href="https://en.wikipedia.org/wiki/Inflation" title="Inflation">inflation</a>, though Peru's poverty rate remained largely unchanged with over half of the population living in poverty in 1998.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:2-6">[6]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:21-8">[8]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-31">[31]</a> Peru would not see increased growth until the <a href="https://en.wikipedia.org/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-32">[32]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-33">[33]</a>

<a href="https://en.wikipedia.org/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a> political scientist <a href="https://en.wikipedia.org/wiki/Susan_Stokes" title="Susan Stokes">Susan C. Stokes</a> believes that de Soto's influence helped change the policies of Fujimori from a <a href="https://en.wikipedia.org/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a> to a neoliberal approach.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] De Soto also inspired Fujimori's anti-drug initiatives.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:6-23">[23]</a> The <a href="https://en.wikipedia.org/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a> and <a href="https://en.wikipedia.org/wiki/The_Economist" title="The Economist">The Economist</a> magazine have argued that de Soto's policy prescriptions brought him into conflict with and eventually helped to undermine the <a href="https://en.wikipedia.org/wiki/Shining_Path" title="Shining Path">Shining Path</a> (Sendero Luminoso) guerrilla movement. By granting titles to small <a href="https://en.wikipedia.org/wiki/Coca" title="Coca">coca</a>

farmers in the two main coca-growing areas, they argued that the

Shining Path was deprived of safe havens, recruits and money, and the

leadership was forced to cities where they were arrested.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-cato.org-34">[34]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-economist-35">[35]</a> Attacks were launched against the ILD and de Soto in light of the statements by Shining Path leader <a href="https://en.wikipedia.org/wiki/Abimael_Guzm%C3%A1n" title="Abimael Guzmán">Abimael Guzmán</a>, who saw ILD as a threat.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-36">[36]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-37">[37]</a>

<h4>Land title initiative</h4>Between 1992 and 1994, de Soto's ILD piloted a <a href="https://en.wikipedia.org/wiki/Land_title" class="mw-redirect" title="Land title">land title</a>

program to formally register 200,000 Peruvian households and two years

later, expanded the program to Lima and seven other metropolitan areas

that held ninety percent of informal housing developments within Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> The program concluded in 2004 with 1.4 million households being registered and 920,000 land titles being provided.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a>

Contrary to de Soto's claims, the land title project provided no change to the access of credit to poor Peruvians.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-38">[38]</a> The ILD's figures reported that homeowners also saw their <a href="https://en.wikipedia.org/wiki/Work_hours" class="mw-redirect" title="Work hours">hours at work</a>

increase by seventeen percent, while working at home decreased by

forty-seven percent and child labor was reduced by twenty-eight percent,

with the group stating that the latter two statistics were due to

homeowners and their children no longer being required to defend their

homes from seizure.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a> According to <a href="https://en.wikipedia.org/wiki/Timothy_Mitchell" title="Timothy Mitchell">Timothy Mitchell</a>,

the ILD's findings were "implausible" since the conclusion was already

framed by the ILD, neighborhoods were already collective with limited

property conflicts and those included in the project were already

pursuing work outside of their homes when they chose to become involved.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

Following the findings, the ILD would distance itself from advocating

credit access and instead promote increased work hours among formal

landowners.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

<h4>Resignation and condemnation of Fujimori</h4>De Soto resigned from his post as the "Personal Representative of the President" in January 1992, two months prior to the <a href="https://en.wikipedia.org/wiki/1992_Peruvian_coup_d%27%C3%A9tat" title="1992 Peruvian coup d'état">1992 Peruvian coup d'état</a>, and condemned Fujimori's motivations being influenced by Director of the <a href="https://en.wikipedia.org/wiki/National_Intelligence_Service_(Peru)" title="National Intelligence Service (Peru)">National Intelligence Service</a> <a href="https://en.wikipedia.org/wiki/Vladimiro_Montesinos" title="Vladimiro Montesinos">Vladimiro Montesinos</a>,

hinting at signs of corruption. In his letter, he called into question

"the validity of the anti-drug agreement" that Fujimori adopted. He

stated his reasons to resigning as due to "<a href="https://en.wikipedia.org/wiki/Illegal_drug_trade" title="Illegal drug trade">drug trafficking</a> from within the State that sabotages efforts in the fight against drugs", and reportedly due to differences with Montesinos.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-39">[39]</a> Both Montesinos and Fujimori would later be indicted for corruption and violation of human rights.

Two months after de Soto resigned, Fujimori launched a self-coup

which de Soto again condemned as "stupid, unproductive and blatantly

unconstitutional".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-40">[40]</a> According to de Soto, one month after the coup the <a href="https://en.wikipedia.org/wiki/Ministry_of_Economy_and_Finance(Peru)" title="Ministry of Economy and Finance (Peru)">Minister of Economy</a> <a href="https://en.wikipedia.org/wiki/Carlos_Bolo%C3%B1a" title="Carlos Boloña">Carlos Boloña</a>

contacted de Soto in desperation, after dozens of countries sanctioned

Peru economically by cutting it off from investment and credit in

response to the undemocratic event. Boloña resigned from his ministerial

post, and de Soto lastly travelled to the 1992 <a href="https://en.wikipedia.org/wiki/Organization_of_American_States" title="Organization of American States">Organization of American States</a> summit in the Bahamas with Fujimori and pressured him to accept democratic elections to prevent another macroeconomic crisis.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-41">[41]</a>

<h3>International policy</h3><h4>Washington Consensus</h4>De Soto was a main contributor to the <a href="https://en.wikipedia.org/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a>, a set of ten economic prescription requirements set by <a href="https://en.wikipedia.org/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF), <a href="https://en.wikipedia.org/wiki/World_Bank" title="World Bank">World Bank</a> and <a href="https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a> towards countries in economic crisis.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-piie.com2-42">[42]</a> Neoliberal economists in the United States utilized de Soto's arguments as a way to promote the consensus.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> English economist <a href="https://en.wikipedia.org/wiki/John_Williamson(economist)" title="John Williamson (economist)">John Williamson</a>,

who coined the term "Washington Consensus", partly credited de Soto for

the prescriptions, saying his work was "the outcome of the worldwide

intellectual trends to which Latin America provided".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> For United States presidents Ronald Reagan and <a href="https://en.wikipedia.org/wiki/George_H.W._Bush" title="George H. W. Bush">George H. W. Bush</a>, according to Kate Geohegan of <a href="https://en.wikipedia.org/wiki/Harvard_University" title="Harvard University">Harvard University</a>'s <a href="https://en.wikipedia.org/wiki/Davis_Center_for_Russian_and_Eurasian_Studies" class="mw-redirect" title="Davis Center for Russian and Eurasian Studies">Davis Center for Russian and Eurasian Studies</a>,

"de Soto's ideas offered a compelling new framework for explaining the

problem of economic underdevelopment that seemed to affirm the wisdom of

neoliberal policies like adjustment lending".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:14-16">[16]</a>

The Washington Consensus would result in socioeconomic exclusion and weakened <a href="https://en.wikipedia.org/wiki/Trade_unions" class="mw-redirect" title="Trade unions">trade unions</a> in Latin America, resulting with unrest in the region.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:20-43">[43]</a> One notable instance of protest against the consensus was the <a href="https://en.wikipedia.org/wiki/Caracazo" title="Caracazo">Caracazo</a> in <a href="https://en.wikipedia.org/wiki/Venezuela" title="Venezuela">Venezuela</a> in 1989,<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:20-43">[43]</a> with the event leading to the rise of <a href="https://en.wikipedia.org/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a> and the subsequent <a href="https://en.wikipedia.org/wiki/1992_Venezuelan_coup_d%27%C3%A9tat_attempts" title="1992 Venezuelan coup d'état attempts">1992 Venezuelan coup d'état attempts</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-HELLINGER-44">[44]</a> The consensus resulted with a shrinking middle class in Latin America that prompted dissatisfaction of neoliberalism, a <a href="https://en.wikipedia.org/wiki/Pink_tide" title="Pink tide">turn to the political left</a> and <a href="https://en.wikipedia.org/wiki/Populist" class="mw-redirect" title="Populist">populist</a> leaders by the late-1990s, with the middle class in Venezuela supporting Chávez while in Bolivia, support for <a href="https://en.wikipedia.org/wiki/Evo_Morales" title="Evo Morales">Evo Morales</a> was established.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:20-43">[43]</a>

<h4>North American Free Trade Agreement (NAFTA)</h4>Upon its signing, de Soto expressed support for the creation of the <a href="https://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement" title="North American Free Trade Agreement">North American Free Trade Agreement (NAFTA)</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:16-17">[17]</a>

When announcing NAFTA at the Annual Meeting of the Boards of Governors

of the International Monetary Fund and World Bank Group on 27 September

1989, President George H. W. Bush – who had adopted de Soto's work for

the United States' foreign policy towards the economies of developing

countries<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> – praised de Soto for helping inspire <a href="https://en.wikipedia.org/wiki/Free_trade" title="Free trade">free trade</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:17-19">[19]</a>

In his speech announcing NAFTA at the 1989 meeting, Bush stated:<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:17-19">[19]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:19-20">[20]</a>

<blockquote class="templatequote">All across the world, there has

been an almost simultaneous rediscovery of the power created when

individuals are given the freedom to act in their own best interests.

... True, we are here today mainly to discuss economic freedom. ... The

Peruvian economist, Hernando de Soto, has helped us understand a

worldwide economic phenomenon. ... When left alone by government, people

everywhere organize their lives in remarkably similar ways. De Soto's

prescription offers a clear and promising alternative to economic

stagnation in Latin America and other parts of the world. ... All our

nations have a responsibility to ensure a fair and open trading system.</blockquote>

According to de Soto in 1993, "the virtues of a modern society" were

able to be introduced to Latin America as a result of NAFTA.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:16-17">[17]</a>

He would later say in 2001 that Mexico's economy and institution would

progress due to NAFTA, concluding "All poor countries are lumped

together and all rich countries are lumped together; there's this

imitation effect".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-45">[45]</a>

<h3>Advisory work</h3><div class="thumbinner" style="width:222px;">
</div><div class="thumb tright"><div class="thumbinner" style="width:222px;"><div class="thumbcaption">Hernando de Soto and <a href="https://en.wikipedia.org/wiki/Muammar_Gaddafi" title="Muammar Gaddafi">Muammar Gaddafi</a> in 2008 after <a href="https://en.wikipedia.org/wiki/Libya" title="Libya">Libya</a> signed a contract with the <a href="https://en.wikipedia.org/wiki/Institute_for_Liberty_and_Democracy" title="Institute for Liberty and Democracy">Institute for Liberty and Democracy</a></div></div></div>

Following its foundation in Peru, de Soto's institute, the ILD, has worked in dozens of countries.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:12-46">[46]</a>

Heads of state in over 35 countries have sought the ILD's services to

discuss how ILD's theories on property rights could potentially improve

their economies.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:12-46">[46]</a> After the split with Fujimori, he and his institute designed similar programs in <a href="https://en.wikipedia.org/wiki/El_Salvador" title="El Salvador">El Salvador</a>, <a href="https://en.wikipedia.org/wiki/Haiti" title="Haiti">Haiti</a>, <a href="https://en.wikipedia.org/wiki/Tanzania" title="Tanzania">Tanzania</a>, and <a href="https://en.wikipedia.org/wiki/Egypt" title="Egypt">Egypt</a> and has worked beside the <a href="https://en.wikipedia.org/wiki/World_Bank" title="World Bank">World Bank</a>, though the institute did not advocate for land title programs and instead promoted longer work hours.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a>

De Soto has received criticism of having relationships with

controversial political leaders such as Alberto Fujimori and Libyan

president <a href="https://en.wikipedia.org/wiki/Muammar_Gaddafi" title="Muammar Gaddafi">Muammar Gaddafi</a>, with de Soto responding to such statements saying "I have advised dictators, but that is irrelevant".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-47">[47]</a>

In 2006, de Soto served as a personal representative of President <a href="https://en.wikipedia.org/wiki/Alan_Garc%C3%ADa" title="Alan García">Alan García</a>, and negotiated the <a href="https://en.wikipedia.org/wiki/Peru%E2%80%93United_States_Trade_Promotion_Agreement" title="Peru–United States Trade Promotion Agreement">Peru-United States Free Trade Agreement</a>

after 11 rounds of negotiation. In 2009, the ILD turned its attention

back to Peru and the plight of the indigenous peoples of the Peruvian

Amazon jungle. In response to Peru's President García's call to all

Peruvians to present their proposals toward solving the problems leading

to the bloody incidents in Bagua, the ILD assessed the situation and

presented its preliminary findings. ILD published a short videotaped

documentary, The Mystery of Capital among the Indigenous Peoples of the Amazon, summarizing its findings from indigenous communities in Alaska, Canada and the Peruvian jungle.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-48">[48]</a>

After previously working with her father Alberto, de Soto joined <a href="https://en.wikipedia.org/wiki/Keiko_Fujimori" title="Keiko Fujimori">Keiko Fujimori</a> with her election campaigns for the <a href="https://en.wikipedia.org/wiki/2011_Peruvian_general_election" title="2011 Peruvian general election">2011</a> and <a href="https://en.wikipedia.org/wiki/2016_Peruvian_general_election" title="2016 Peruvian general election">2016 Peruvian general election</a> when Fujimori committed to implementing de Soto's property rights reforms.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:4-10">[10]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:5-11">[11]</a> In an interview during the first campaign ok Keiko Fujimori, he also stated that <a href="https://en.wikipedia.org/wiki/Osama_bin_Laden" title="Osama bin Laden">Osama bin Laden</a>'s death was achieved thanks to land titling, a concept he holds as a way out of poverty.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-49">[49]</a> As part of the Fuerza Popular team, he harshly criticized <a href="https://en.wikipedia.org/wiki/Peruvians_for_Change" title="Peruvians for Change">Peruvians for Change</a> candidate <a href="https://en.wikipedia.org/wiki/Pedro_Pablo_Kuczynski" title="Pedro Pablo Kuczynski">Pedro Pablo Kuczynski</a>, whom he described as a "deserter and coward." In an interview with the newspaper <a href="https://en.wikipedia.org/wiki/Per%C3%BA.21" title="Perú.21">Perú21</a>,

De Soto said that Kuczynski "is a gringo who does not know Peru,

because there are those who do. He is a foreigner to the Peruvian

reality."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-50">[50]</a>

<h2>Political career</h2><h3>2001 Peruvian general election</h3>For the <a href="https://en.wikipedia.org/wiki/2001_Peruvian_general_election" title="2001 Peruvian general election">2001 Peruvian general election</a>,

de Soto sought to run for president with his Popular Capital party,

though he failed to register the party on time in order to participate.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:6-23">[23]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:8-51">[51]</a>

At the time, he sought support from left-wing political groups for his

candidacy, though they disagreed with his liberal economic policies.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:8-51">[51]</a> He would later become a critic of such groups.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:8-51">[51]</a>

After learning about de Soto's inability to register for the election, former president and leader of the <a href="https://en.wikipedia.org/wiki/American_Popular_Revolutionary_Alliance" title="American Popular Revolutionary Alliance">APRA</a>

Alan Garcia offered the economist the APRA's presidential nomination.

De Soto declined the offer, claiming that he would have been "a

figurehead president susceptible to the whims of disciplined APRA

congressmen". Later, Garcia offered de Soto the position of Prime

Minister, a role that Alberto Fujimori had also offered de Soto. De Soto

declined again, not wanting to be held accountable for Garcia's

government policies.

<h3>2021 presidential campaign</h3><div role="note" class="hatnote navigation-not-searchable">See also: <a href="https://en.wikipedia.org/wiki/2021_Peruvian_general_election" title="2021 Peruvian general election">2021 Peruvian general election</a></div>

De Soto announced his candidacy for president in September 2020 under the party <a href="https://en.wikipedia.org/wiki/Go_on_Country" class="mw-redirect" title="Go on Country">Go on Country</a>.

Prior to the announcement, De Soto expressed hesitation to formally run

for president lest politicizing and potentially delegitimizing work

done by the <a href="https://en.wikipedia.org/wiki/Institute_for_Liberty_and_Democracy" title="Institute for Liberty and Democracy">ILD</a> and himself on <a href="https://en.wikipedia.org/wiki/Dead_capital" title="Dead capital">dead capital</a>.

On 30 October 2020, De Soto presented his technical team, which

included the former president of CONFIEP Miguel Vega Alvear, businessman

Carlos Añaños, former <a href="https://en.wikipedia.org/wiki/Fujimorism" title="Fujimorism">Fujimori</a> minister and first Vice President <a href="https://en.wikipedia.org/wiki/Francisco_Tudela" title="Francisco Tudela">Francisco Tudela</a>, former GEIN commander Marco Miyashiro, the former head of the <a href="https://en.wikipedia.org/wiki/Operation_Chav%C3%ADn_de_Hu%C3%A1ntar" title="Operation Chavín de Huántar">Operation Chavín de Huantar</a> José Williams, the diplomat Álvaro de Soto, among others.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-52">[52]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-53">[53]</a>

On December 14, 2020, de Soto published polls on the Willax

Television program Beto viz. That poll ranked him first. De Soto spoke

in the interview that: "The way this (the cadres) comes to us is because

people very close to the state apparatus, it seems, were outraged at

the enormous difference between the polls they handle."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-54">[54]</a>

In January 2021, a strike was filed that considered that the <a href="https://en.wikipedia.org/wiki/Go_on_Country%E2%80%93_Social_Integration_Party" title="Go on Country – Social Integration Party">Go on Country</a> electoral court had not been properly formed. This strike was declared unfounded by the JEE.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-55">[55]</a>

Another strike was filed against him by a citizen, because he points out that Hernando de Soto "has

entered in the Academic Training section of the resume, which has the

academic degree 'demi license en sciences economiques' awarded by the

Universite de Geneve, which would have been obtained in 1964.”. But

since this degree or title is not registered with SUNEDU, false

information would be declared and it should be excluded from the

candidacy.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-56">[56]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-57">[57]</a>

On 24 February 2021, following an approach to advise <a href="https://en.wikipedia.org/wiki/Francisco_Sagasti" title="Francisco Sagasti">Francisco Sagasti</a> on the <a href="https://en.wikipedia.org/wiki/COVID-19_pandemic_in_Peru" title="COVID-19 pandemic in Peru">COVID-19 pandemic management in Peru</a>, De Soto announced the first Peruvian <a href="https://en.wikipedia.org/wiki/Shadow_Cabinet" title="Shadow Cabinet">shadow cabinet</a>.

Mainly composed of his campaign technical team, the main purpose of the

opposition cabinet is to offer an alternative in order for the

government to concur and apply during the crisis.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-58">[58]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-59">[59]</a>

De Soto rejected the exclusion of <a href="https://en.wikipedia.org/wiki/Rafael_L%C3%B3pez_Aliaga" title="Rafael López Aliaga">Rafael López Aliaga</a>,

an electoral rival in the 2021 elections, for which he appeared at the

demonstration of his followers on the outskirts of the JNE, in which

Lopez Aliaga was, who praised him.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-60">[60]</a>

De Soto was caught in controversy surrounding <a href="https://en.wikipedia.org/wiki/Vacunagate" title="Vacunagate">Vacunagate</a>, a scandal where political elites in Peru were able to be vaccinated against COVID-19 ahead of schedule.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:22-61">[61]</a>

He initially denied having received a COVID-19 vaccine "from any

Peruvian", though it was later reported that he flew twice to the United

States to be vaccinated.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:22-61">[61]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:9-62">[62]</a>

During presidential debates de Soto promised to work with the United

Nations to prevent foreign "criminals or poor people" from entering

Peru, stating "Let their governments take care of them, we will take

care of ours".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:9-62">[62]</a> He proposed reforming Peru's education for less foreign reliance and increasing the health budget.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-63">[63]</a>

Ultimately, de Soto placed fourth in an atomized race of 18 nominees.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:23-12">[12]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:24-13">[13]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:25-14">[14]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:26-15">[15]</a>

<h2>Main thesis</h2>The main message of de Soto's work and writings is that no nation can have a strong <a href="https://en.wikipedia.org/wiki/Market_economy" title="Market economy">market economy</a> without adequate participation in an information framework that records ownership of property and other economic information.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-64">[64]</a> <a href="https://en.wikipedia.org/wiki/Black_market" title="Black market">Unreported, unrecorded economic activity</a>

results in many small entrepreneurs who lack legal ownership of their

property, making it difficult for them to obtain credit, sell the

business, or expand. They cannot seek legal remedies to business

conflicts in court, since they do not have legal ownership. Lack of

information on income prevents governments from collecting taxes and

acting for the public welfare.

<blockquote>The existence of such massive exclusion generates two

parallel economies, legal and extra legal. An elite minority enjoys the

economic benefits of the law and globalization, while the majority of

entrepreneurs are stuck in poverty, where their assets—adding up to more

than US$10 trillion worldwide—languish as <a href="https://en.wikipedia.org/wiki/Dead_capital" title="Dead capital">dead capital</a> in the shadows of the law.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-Soto,_Hernando_2000-65">[65]</a>

To survive, to protect their assets, and to do as much business

as possible, the extralegals create their own rules. But because these

local arrangements are full of shortcomings and are not easily

enforceable, the extralegals also create their own social, political and

economic problems that affect the society at large.

Since the fall of the Berlin Wall, responsible nations around the

developing world have worked hard to make the transition to a market

economy, but have in general failed.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-66">[66]</a>

Populist leaders have used this failure of the free market system to

wipe out poverty in the developing world to beat their

"anti-globalization" drums. But the ILD believes that the real enemy is

within the flawed legal systems of developing nations that make it

virtually impossible for the majority of their people—and their

assets—to gain a stake in the market. The people of these countries have

talent, enthusiasm, and an astonishing ability to wring a profit out of

practically nothing`.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-Soto,_Hernando_2000-65">[65]</a>

What the poor majority in the developing world do not have is easy

access to the legal system which, in the advanced nations of the world

and for the elite in their countries, is the gateway to economic

success, for it is in the legal system where property documents are

created and standardized according to law. That documentation builds a

public memory that permits society to engage in such crucial economic

activities as identifying and gaining access to information about

individuals, their assets, their titles, rights, charges and

obligations; establishing the limits of liability for businesses;

knowing an asset's previous economic situation; assuring protection of

third parties; and quantifying and valuing assets and rights.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-67">[67]</a>

These public memory mechanisms in turn facilitate such opportunities as

access to credit, the establishment of systems of identification, the

creation of systems for credit and insurance information, the provision

for housing and infrastructure, the issue of shares, the mortgage of

property and a host of other economic activities that drive a modern

market economy.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-68">[68]</a></blockquote>

<h2>Work and research</h2>Since

2008, de Soto has been refining his thesis about the importance of

property rights to development in response to his organization's

findings that a number of new global threats have "property rights

distortions" at their root. In essays, that appeared from early 2009

into 2012 in media outlets in the U.S. and Europe, de Soto argued that

the reason why the U.S. and European economies were mired in recession

was the result of a "knowledge crisis" not a financial one.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-69">[69]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-70">[70]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-71">[71]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-72">[72]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-73">[73]</a> He has termed housing assets as "dead capital," in his papers on household ownership and deeds.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-Rust-74">[74]</a>

"Capitalism lives in two worlds," De Soto wrote in the Financial Times

in January 2012. "There is the visible one of palm trees and Panamanian

ships, but it is the other – made up of the property information

cocooned in laws and records – that allows us to organize and understand

fragments of reality and join them creatively."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-75">[75]</a>

De Soto argued that the knowledge in those public memory systems, which

"helped Capitalism triumph," was distorted over the past 15 years or

so. "Until this knowledge system is repaired," he wrote, "neither US nor

European capitalism will recover."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-76">[76]</a>

In another series of articles that appeared in US and Europe in

2011, de Soto used the findings of ILD field research in Egypt, Tunisia

and Libya to make his case for "the economic roots of the <a href="https://en.wikipedia.org/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a>."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-wsj.com-77">[77]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-ft.com-78">[78]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-The_real_Mohamed_Bouazizi-79">[79]</a>

The ongoing Arab revolutions, he argued, were "economic revolutions"

driven mainly by the frustrations of 200 million ordinary Arabs who

depended on the informal economy for their livelihoods.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-ft.com-78">[78]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-The_real_Mohamed_Bouazizi-79">[79]</a>

He pointed to the ILD's earlier 2004 findings in Egypt, which revealed

the nation's largest employer with 92% of the property in the informal

economy – assets worth almost $247 billion.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-wsj.com-77">[77]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-80">[80]</a> Also, as proof of the extent of desperation among <a href="https://en.wikipedia.org/wiki/MENA" title="MENA">MENA</a>’s entrepreneurs, he elaborated ILD's exclusive research on <a href="https://en.wikipedia.org/wiki/Mohamed_Bouazizi" title="Mohamed Bouazizi">Mohamed Bouazizi</a>,

the Tunisian street vendor whose public self-immolation in protest of

the expropriation of his goods and scale literally sparked the Jasmine

Revolution in Tunisia, which spread unrest through the Arab world.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-81">[81]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-82">[82]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-83">[83]</a>

After losing core funding from USAID, ILD laid off the majority

of their employees from their San Isidro office. In 2014–2015, de Soto

and a small team working out of his house began to attempt to guide the

political process in Peru, as presidential elections were due to take

place in 2016, by finding solutions to the ongoing national mining

crisis. De Soto has been a strong advocate for the formalisation of the

informal miners that are scattered throughout Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-84">[84]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-85">[85]</a>

Since 2014, several large national investment projects, including Las

Bambas, and Tia Maria have been disrupted by violent protests by

informal miners against government regulation and formal extractive

industries.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-86">[86]</a>

In July 2015, de Soto alleged that former Shining Path militants who

have taken up the ecological cause were paralyzing some $70 billion in

mining investment in Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-elcomercio.pe-87">[87]</a>

Furthermore, recorded video debates between the former extremists and

de Soto were published on ILD's YouTube channel and revealed that the

Shining Path militants agree that property rights could be an important

part of the solution to social conflicts in Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-88">[88]</a>

De Soto's stated goal is to determine the roots of informal hostility

against multinationals and identify what is needed to build a national

social contract on extractive industries that could harmonize their

property interests with those of <a href="https://en.wikipedia.org/wiki/Multinational_corporation" title="Multinational corporation">multinationals</a> as opposed to creating conflict.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-elcomercio.pe-87">[87]</a>

<h3>De Soto applies thesis to terrorism</h3>In October 2014, de Soto published an article in The Wall Street Journal,

"The Capitalist Cure for Terrorism", that stated an aggressive agenda

for economic empowerment was needed in the Middle East in order to

defeat terrorist groups like <a href="https://en.wikipedia.org/wiki/Islamic_State_of_Iraq_and_the_Levant" title="Islamic State of Iraq and the Levant">ISIL</a>. He argued that the U.S. should promote an agenda similar to what was successfully used in Peru to defeat the <a href="https://en.wikipedia.org/wiki/Shining_Path" title="Shining Path">Shining Path</a> in the 1990s.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-89">[89]</a>

He also mentions in the article that local policymakers in the Middle

East are missing the fact that if ordinary people cannot play the game

legally, they will be far less able to resist a terrorist offensive. The

article received praise among high-level global politicians such as US

Presidential candidates <a href="https://en.wikipedia.org/wiki/Rand_Paul" title="Rand Paul">Rand Paul</a> and <a href="https://en.wikipedia.org/wiki/Jeb_Bush" title="Jeb Bush">Jeb Bush</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-90">[90]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-91">[91]</a>

Once again In January 2016, de Soto released his second article,

How to Win the War on Terror, which focused on defeating terrorism

through promoting strong property rights.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-92">[92]</a>

The article was distributed by Project Syndicate and published in

dozens of countries and languages, including in Switzerland by the World

Economic Forum in advance of their 2016 forum.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-93">[93]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-94">[94]</a>

<h3>De Soto challenges Thomas Piketty</h3>In 2014, de Soto started to refute French economist <a href="https://en.wikipedia.org/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a>’s thesis by arguing that his recent attacks against capital in his worldwide best seller book <a href="https://en.wikipedia.org/wiki/Capital_in_the_21st_Century" class="mw-redirect" title="Capital in the 21st Century">Capital in the 21st Century</a> were unjustified.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-95">[95]</a>

His op-ed article challenging Piketty, ‘The Poor Against Piketty’

(French: Les pauvres contre Piketty) was first published in France's

news magazine Le Point in April 2015.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-96">[96]</a>

De Soto argued that Piketty's statistics ignore the ninety

percent of the world population that lives in developing countries and

former Soviet states, whose inhabitants produce and hold their capital

in the <a href="https://en.wikipedia.org/wiki/Informal_sector" class="mw-redirect" title="Informal sector">informal sector</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-97">[97]</a>

Furthermore, he states that his institute's global research proves that

most people actually want more rather than less capital. Finally, he

argues that the wars against capital, which Piketty claims are coming,

have already begun under Europe's nose in the form of the <a href="https://en.wikipedia.org/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> in the Middle East and North Africa.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-98">[98]</a>

<h3>De Soto adresses Pope Francis</h3>In February 2016, de Soto took a break from countering Piketty's work and wrote an article addressing <a href="https://en.wikipedia.org/wiki/Pope_Francis" title="Pope Francis">Pope Francis</a>’s trip to Mexico titled, A Mexican Impasse for the Pope.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-99">[99]</a>

The article encourages the Pope and the Vatican to address the lack of

property rights among the poor in countries like Mexico as a solution to

global refugee crises.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-100">[100]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-101">[101]</a>

A week later, de Soto published a second article in Fortune

Magazine addressing the Pope's and US Republican Presidential candidate <a href="https://en.wikipedia.org/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a>’s public spat over <a href="https://en.wikipedia.org/wiki/Trump%27s_border_wall" class="mw-redirect" title="Trump's border wall">building a wall</a> on the Mexican-USA border. The article titled, What Pope Francis Should Really Say to Donald Trump, conveys five property rights related thoughts that the Pope should use to respond to Trump.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-fortune.com-102">[102]</a> The article led to many different opinion articles featured in conservative outlets such as <a href="https://en.wikipedia.org/wiki/Breitbart" class="mw-redirect" title="Breitbart">Breitbart</a> and <a href="https://en.wikipedia.org/wiki/Investor%27s_Business_Daily" title="Investor's Business Daily">Investors Business Daily</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-103">[103]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-104">[104]</a>

<h3>Blockchain work</h3>In May 2015, de Soto attended the 1st Annual Block Chain Summit hosted by British billionaire <a href="https://en.wikipedia.org/wiki/Richard_Branson" title="Richard Branson">Richard Branson</a> at his private Caribbean residence, <a href="https://en.wikipedia.org/wiki/Necker_Island(British_Virgin_Islands)" title="Necker Island (British Virgin Islands)">Necker Island</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-105">[105]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-106">[106]</a> De Soto was one of three moderators, along with Michael J. Casey, former <a href="https://en.wikipedia.org/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">Wall Street Journal</a> senior columnist and Matthew Bishop, editor at <a href="https://en.wikipedia.org/wiki/The_Economist" title="The Economist">The Economist</a>. Advocates of <a href="https://en.wikipedia.org/wiki/Blockchain(database)" class="mw-redirect" title="Blockchain (database)">blockchain</a>

technology argue that it is well-suited to acting as a public ledger to

help achieve de Soto's objective of formalising the informally-held

property rights of groups like the indigenous peoples of Peru.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-107">[107]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-108">[108]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-109">[109]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-110">[110]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-111">[111]</a>

De Soto presented a property application of Bitcoin to Sheikh Nahyan bin Mubarak Al Nahyan of the <a href="https://en.wikipedia.org/wiki/United_Arab_Emirates" title="United Arab Emirates">United Arab Emirates</a> and financial authorities of <a href="https://en.wikipedia.org/wiki/Abu_Dhabi" title="Abu Dhabi">Abu Dhabi</a> at a second Blockchain summit held in Abu Dhabi in 2015.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-112">[112]</a>

<h2>Reception</h2><h3>Ideology</h3>De Soto's promotion of <a href="https://en.wikipedia.org/wiki/Neoliberalism" title="Neoliberalism">neoliberalism</a> in <a href="https://en.wikipedia.org/wiki/Developing_countries" class="mw-redirect" title="Developing countries">developing countries</a> has faced criticism as supporting the exploitation of poorer nations.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:18-113">[113]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:13-114">[114]</a> <a href="https://en.wikipedia.org/wiki/The_Guardian" title="The Guardian">The Guardian</a> described de Soto as "a radical free-market economist".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-115">[115]</a> Geohegan states that the United States government under President <a href="https://en.wikipedia.org/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> and his successor <a href="https://en.wikipedia.org/wiki/George_H.W._Bush" title="George H. W. Bush">George H. W. Bush</a> adopted de Soto's work as the main strategy of the <a href="https://en.wikipedia.org/wiki/United_States%27_foreign_policy" class="mw-redirect" title="United States' foreign policy">United States' foreign policy</a>

towards developing countries since "de Soto's interpretation of

underdevelopment seemed to validate the emerging 'neoliberal' US

policies".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> According to de Soto, Peru was not poor because of <a href="https://en.wikipedia.org/wiki/International_inequality" title="International inequality">international inequality</a> enforced by the globalized economy but due to Peru's own <a href="https://en.wikipedia.org/wiki/Economic_regulation" class="mw-redirect" title="Economic regulation">economic regulation</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:14-16">[16]</a> Reagan – whose administration provided funding to found de Soto's ILD<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:11-27">[27]</a> – George H. W. Bush and Bush's successor <a href="https://en.wikipedia.org/wiki/Bill_Clinton" title="Bill Clinton">Bill Clinton</a> would continue promoting de Soto's work.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-116">[116]</a> <a href="https://en.wikipedia.org/wiki/Timothy_Mitchell" title="Timothy Mitchell">Timothy Mitchell</a>

says that de Soto's background as a European economist was often

ignored by American neoliberals promoting him, writing that his

popularity and experience "came to depend on his identity as a

neoliberal from the third world, willing to describe the poverty of the

global south as a self-inflicted injury unconnected to its relationship

to the north".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:13-114">[114]</a> Administrator of the <a href="https://en.wikipedia.org/wiki/United_States_Agency_for_International_Development" title="United States Agency for International Development">United States Agency for International Development</a> (USAID) <a href="https://en.wikipedia.org/wiki/Andrew_Natsios" title="Andrew Natsios">Andrew Natsios</a>

would later advocate de Soto's work, stating "Instead of seeing the

developing world as victims of capitalism, Hernando argues 'We're

inflicting our own wounds', ... Since he is Peruvian, he can make this

argument credibly".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:13-114">[114]</a>

The promotion of neoliberalism by de Soto was not only utilized

by officials in the United States; other neoliberal economists endorsed

de Soto due to his origins from the developing world as well, with

Mitchell stating that his background "transformed de Soto into a very

useful asset for the neoliberal movement".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:13-114">[114]</a> President of the <a href="https://en.wikipedia.org/wiki/Atlas_Network" title="Atlas Network">Atlas Network</a>, Alex Chaufen, said that de Soto was often discussed among the neoliberal community, stating "During the years I spent with <a href="https://en.wikipedia.org/wiki/Antony_Fisher" title="Antony Fisher">Antony [Fisher]</a> at Atlas, I couldn't recall any conversation, any speech about think tanks, any fundraising letter where he did not mention Hernando".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:13-114">[114]</a>

As de Soto began to work with the government of <a href="https://en.wikipedia.org/wiki/Gloria_Macapagal_Arroyo" title="Gloria Macapagal Arroyo">Gloria Macapagal Arroyo</a> in the Philippines in 2004, <a href="https://en.wikipedia.org/wiki/Investigative_journalism" title="Investigative journalism">investigative journalism</a>

website Bulatlat described de Soto's work as "rich people’s reformism",

writing "The secret to de Soto’s and ILD’s popularity among political,

economic and developmental elites ultimately lies in their unashamed

conservatism, defense of the status quo and promise of capitalist wealth

for the world’s poor and exploited. ... Elites get to keep the property

they value so much and can continue exploiting and oppressing while the

poor – and historically exploited and oppressed – are diverted from

systemic struggles by the chimera of becoming wealthy entrepreneurs

themselves".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:18-113">[113]</a> In his Planet of Slums, <a href="https://en.wikipedia.org/wiki/Mike_Davis(scholar)" title="Mike Davis (scholar)">Mike Davis</a>

argues that de Soto, who Davis calls "the global guru of neo-liberal

populism", is essentially promoting what the statist left in South

America and India has always promoted—individual land titling.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:15-117">[117]</a>

Davis argues that titling is the incorporation into the formal economy

of cities, which benefits more wealthy squatters but is disastrous for

poorer squatters, and especially tenants who simply cannot afford

incorporation into the fully commodified formal economy.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:15-117">[117]</a>

<h3>Property rights</h3>De Soto's works on <a href="https://en.wikipedia.org/wiki/Right_to_property" title="Right to property">property rights</a> has voiced diverse views on the effect of the <a href="https://en.wikipedia.org/wiki/Titling" title="Titling">titling of land</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-118">[118]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-119">[119]</a>

The findings at the conclusion of his land title program under Alberto

Fujimori found that providing land titles did not provide poor Peruvians

with greater access to <a href="https://en.wikipedia.org/wiki/Credit" title="Credit">credit</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-:11-27">[27]</a>

De Soto has been criticized for methodological and analytical reasons,

while some activists have accused him of just wanting to be a

representative figure of the prioritizing property rights movement.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-120">[120]</a> Some state that his theory does not offer anything new compared to traditional land reform.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-121">[121]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-122">[122]</a>

His emphasis on title formalization as the only reason behind economic

growth in the United States has been subject to criticism.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-123">[123]</a>

Property formalization in the United States may have happened as a

result of different reasons including establishment of law and order,

increased state control, greater institutional integration, increased

economic efficiency, increased tax revenue, and greater equality.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-Sjaastada_2008-124">[124]</a>

<h4>Reception from scholars</h4>Empirical

studies by Argentine economists Sebastian Galiani and Ernesto

Schargrodsky found a modest relationship between titling and credit

market access (contradicting de Soto's research), but have also pointed

out that families with titles "substantially increased housing

investment, reduced household size, and improved the education of their

children relative to the control group".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-125">[125]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-126">[126]</a>

In a 2012 book by Yale University political science methodologist Thad

Dunning, he argues that Galiani and Schargrodsky's studies provide

"highly credible" claims because the studies rely on true randomization,

whereas De Soto's study did not (and is thus vulnerable to confounding

variables).<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-127">[127]</a>

"De Soto’s proposal is not wealth transfer, but wealth

legalization. The poor of the world already possess trillions in assets

now. De Soto is not distributing capital to anyone. By making them

liquid, everyone’s capital pool grows dramatically".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-Biswas-128">[128]</a>

While analysing Schaefer's arguments, Roy writes, "de Soto’s ideas are

seductive precisely because they only guarantee the latter, but in doing

so promise the former".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-129">[129]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-130">[130]</a> <a href="https://en.wikipedia.org/wiki/Robert_J._Samuelson" title="Robert J. Samuelson">Robert J. Samuelson</a>

has argued against what he sees as de Soto's "single bullet" approach

and has argued for a greater emphasis on culture and how local

conditions affect people's perceptions of their opportunities.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-131">[131]</a>

In the <a href="https://en.wikipedia.org/wiki/Journal_of_Economic_Literature" title="Journal of Economic Literature">Journal of Economic Literature</a>, <a href="https://en.wikipedia.org/wiki/Christopher_Woodruff" title="Christopher Woodruff">Christopher Woodruff</a> of the <a href="https://en.wikipedia.org/wiki/University_of_California,_San_Diego" title="University of California, San Diego">University of California, San Diego</a>

criticized de Soto for overestimating the amount of wealth that land

titling now informally owned property could unlock, and argues that "de

Soto's own experience in Peru suggests that land titling by itself is

not likely to have much effect. Titling must be followed by a series of

politically challenging steps. Improving the efficiency of judicial

systems, rewriting bankruptcy codes, restructuring financial market

regulations, and similar reforms will involve much more difficult

choices by policymakers."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-132">[132]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-imf1-133">[133]</a>

<h4>Reception from governmental officials</h4>The

argument for private and often individualist property regime comes

under the question of societal legitimacy, may not be justified even if

de Soto eyes bringing a unified system in a state or unification with

the global economy.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-Biswas-128">[128]</a>

His work has also received praise from two <a href="https://en.wikipedia.org/wiki/United_Nations" title="United Nations">United Nations</a> secretaries general <a href="https://en.wikipedia.org/wiki/Kofi_Annan" title="Kofi Annan">Kofi Annan</a> – "Hernando de Soto is absolutely right, that we need to rethink how we capture economic growth and development"<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-134">[134]</a> – and <a href="https://en.wikipedia.org/wiki/Javier_P%C3%A9rez_de_Cu%C3%A9llar" title="Javier Pérez de Cuéllar">Javier Pérez de Cuéllar</a> – "A crucial contribution. A new proposal for change that is valid for the whole world."<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-135">[135]</a> UN Special Rapporteur on the right to food, <a href="https://en.wikipedia.org/wiki/Olivier_De_Schutter" title="Olivier De Schutter">Olivier De Schutter</a>,

has questioned the insistence on titling as a means to protect security

of tenure based on the risk that titling will undermine customary forms

of tenure and insufficiently protect the rights of land users that

depend on the commons, as well as the fear that titling schemes may lead

to further reconcentration of land ownership, unless strong support is

provided to smallholders.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]

A study commissioned by <a href="https://en.wikipedia.org/wiki/DFID" class="mw-redirect" title="DFID">DFID</a>, an agency of the <a href="https://en.wikipedia.org/wiki/U.K._government" class="mw-redirect" title="U.K. government">U.K. government</a>,

further summarized many of the complications arising from implementing

de Soto's policy recommendations when insufficient attention is paid to

the local social context.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-136">[136]</a>

<h4>Reception from activists</h4>Grassroots controlled and directed shack dwellers movements like <a href="https://en.wikipedia.org/wiki/Abahlali_baseMjondolo" title="Abahlali baseMjondolo">Abahlali base Mjondolo</a> in <a href="https://en.wikipedia.org/wiki/South_Africa" title="South Africa">South Africa</a> and the <a href="https://en.wikipedia.org/wiki/Homeless_Workers%27_Movement" title="Homeless Workers' Movement">Homeless Workers' Movement</a> (Movimento dos Trabalhadores Sem Teto – MTST) in Brazil<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-137">[137]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-138">[138]</a>

have strenuously argued against individual titling and for communal and

democratic systems of collective land tenure because this offers

protection to the poorest and prevents 'downward raiding' in which

richer people displace squatters once their neighborhoods are

formalized.

<h3>Publications</h3>Neoliberal

politicians and organizations promoted de Soto's publications, with

their endorsements and awards making his books bestsellers.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-139">[139]</a> Since the publication of The Mystery of Capital

in 2000 and subsequent translations, his ideas have become increasingly

influential in the field of development economics. Scholars have

disputed that there is a significant relationship between land titles

and credit market access.

In the <a href="https://en.wikipedia.org/wiki/World_Development" class="mw-redirect" title="World Development">World Development</a> journal, a 1990 article by R. G. Rossini and J. J. Thomas of the <a href="https://en.wikipedia.org/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a> questioned the statistical basis of de Soto's claims about the size of the informal economy in his first book The Other Path.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-140">[140]</a>

The ILD responded in the same journal that Rossini and Thomas’

observations "neither [addressed] the central theme of the book, nor

[did it address] the main body of quantitative evidence displayed to

substantiate the importance of economic and legal barriers that give

rise to informal activities. Instead, [they focused] exclusively on four

empirical estimates that the book [mentioned] only in passing".<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-141">[141]</a>

On January 31, 2012, de Soto and his publisher were fined by the

Peruvian intellectual property rights organization INDECOPI for

excluding the names of co-authors <a href="https://en.wikipedia.org/wiki/Enrique_Ghersi" title="Enrique Ghersi">Enrique Ghersi</a> and Mario Ghibellini in newer editions of his 1986 book The Other Path.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-142">[142]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-143">[143]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-144">[144]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-145">[145]</a>

<h3>Relationship with elites</h3>An article by <a href="https://en.wikipedia.org/wiki/Madeleine_Bunting" title="Madeleine Bunting">Madeleine Bunting</a> for <a href="https://en.wikipedia.org/wiki/The_Guardian" title="The Guardian">The Guardian</a>

(UK) claimed that de Soto's suggestions would in some circumstances

cause more harm than benefit, and referred to The Mystery of Capital as

"an elaborate smokescreen" used to obscure the issue of the power of the

globalized elite. She cited de Soto's employment history as evidence of

his bias in favor of the powerful.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-146">[146]</a> Reporter John Gravois also criticized de Soto for his ties to power circles, exemplified by his attendance at the <a href="https://en.wikipedia.org/wiki/Davos" title="Davos">Davos</a> <a href="https://en.wikipedia.org/wiki/World_Economic_Forum" title="World Economic Forum">World Economic Forum</a>. In response, de Soto told Gravois that this proximity to power would help de Soto educate the elites about poverty. <a href="https://en.wikipedia.org/wiki/Ivan_Osorio" title="Ivan Osorio">Ivan Osorio</a> of the <a href="https://en.wikipedia.org/wiki/Competitive_Enterprise_Institute" title="Competitive Enterprise Institute">Competitive Enterprise Institute</a> has refuted Gravois's allegations pointing out how Gravois has misinterpreted many of de Soto's recommendations.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-Osorio-147">[147]</a>

<h2>Awards and accolades</h2><a href="https://en.wikipedia.org/wiki/Time_(magazine)" title="Time (magazine)">Time magazine</a> chose De Soto as one of the five leading <a href="https://en.wikipedia.org/wiki/Latin_American" class="mw-redirect" title="Latin American">Latin American</a>

innovators of the century in its special May 1999 issue "Leaders of the

New Millennium", and included him among the 100 most influential people

in the world in 2004.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-148">[148]</a> De Soto was also listed as one of the 15 innovators "who will reinvent your future" according to <a href="https://en.wikipedia.org/wiki/Forbes" title="Forbes">Forbes</a> magazine's 85th anniversary edition.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-149">[149]</a> In January 2000, Entwicklung und Zusammenarbeit, the German development magazine, described de Soto as one of the most important development theoreticians.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-150">[150]</a> De Soto has been nominated for the <a href="https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Prize in Economic Sciences</a> several times for his work on dead capital, and was a finalist for the award in 2002.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-151">[151]</a> In October 2005, over 20,000 readers of <a href="https://en.wikipedia.org/wiki/Prospect(magazine)" title="Prospect (magazine)">Prospect magazine</a> of the UK and <a href="https://en.wikipedia.org/wiki/Foreign_Policy" title="Foreign Policy">Foreign Policy</a> magazine of the U.S. ranked him as number 13 on the joint survey of the world's <a href="https://en.wikipedia.org/wiki/Top_100_Public_Intellectuals_Poll" class="mw-redirect" title="Top 100 Public Intellectuals Poll">Top 100 Public Intellectuals Poll</a>.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] In October 2016, de Soto was honored with the <a href="https://en.wikipedia.org/wiki/Brigham-Kanner_Property_Rights_Prize" class="mw-redirect" title="Brigham-Kanner Property Rights Prize">Brigham-Kanner Property Rights Prize</a>, awarded by the <a href="https://en.wikipedia.org/wiki/William%26_Mary_Law_School" title="William & Mary Law School">William & Mary Law School</a> during the 13th Annual <a href="https://en.wikipedia.org/wiki/Brigham-Kanner_Property_Rights_Conference" class="mw-redirect" title="Brigham-Kanner Property Rights Conference">Brigham-Kanner Property Rights Conference</a>, in recognition of his tireless advocacy of property rights reform as a tool to alleviate global poverty.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-152">[152]</a>

Among the prizes he has received are:<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:6-23">[23]</a><a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-:7-26">[26]</a>

1990

<ul><li>The Fisher Prize from the <a href="https://en.wikipedia.org/wiki/Atlas_Network" title="Atlas Network">Atlas Network</a></li></ul>

1995

<ul><li>The Freedom Prize (Switzerland)</li></ul>

2002

<ul><li>The Goldwater Award (USA)</li><li><a href="https://en.wikipedia.org/wiki/Adam_Smith_Award" class="mw-redirect" title="Adam Smith Award">Adam Smith Award</a> from the <a href="https://en.wikipedia.org/wiki/Association_of_Private_Enterprise_Education" title="Association of Private Enterprise Education">Association of Private Enterprise Education</a> (USA)</li><li>The CARE Canada Award for Outstanding Development Thinking (<a href="https://en.wikipedia.org/wiki/Canada" title="Canada">Canada</a>)</li></ul>

2003

<ul><li>Received the Downey Fellowship at <a href="https://en.wikipedia.org/wiki/Yale_University" title="Yale University">Yale University</a></li><li>The Democracy Hall of Fame International Award from the National Graduate University (USA)</li></ul>

2004

<ul><li>The Templeton Freedom Prize (USA)</li><li>The <a href="https://en.wikipedia.org/wiki/Milton_Friedman_Prize_for_Advancing_Liberty" class="mw-redirect" title="Milton Friedman Prize for Advancing Liberty">Milton Friedman Prize for Advancing Liberty</a> (USA)<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-cato.org-34">[34]</a></li><li>The Royal Decoration of the Most Admirable <a href="https://en.wikipedia.org/wiki/Order_of_the_Direkgunabhorn" title="Order of the Direkgunabhorn">Order of the Direkgunabhorn</a>, 5th Class, (<a href="https://en.wikipedia.org/wiki/Thailand" title="Thailand">Thailand</a>)</li></ul>

2005

<ul><li>An honorary Doctor of Letters from the <a href="https://en.wikipedia.org/wiki/University_of_Buckingham" title="University of Buckingham">University of Buckingham</a> (<a href="https://en.wikipedia.org/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>),</li><li>The Americas Award (USA)</li><li>Was named the Most Outstanding of 2004 for Economic Development at Home and Abroad by the Peruvian National Assembly of Rectors</li><li>The Prize of Deutsche Stiftung Eigentum for exceptional contributions to the theory of property rights</li><li>The 2004 IPAE Award by the Peruvian Institute of Business Administration</li><li>The <a href="https://en.wikipedia.org/wiki/Academy_of_Achievement" title="Academy of Achievement">Academy of Achievement's</a> <a href="https://en.wikipedia.org/wiki/Golden_Plate_Award" class="mw-redirect" title="Golden Plate Award">Golden Plate Award</a> 2005 (USA) in tribute to his outstanding accomplishments</li><li>The <a href="https://en.wikipedia.org/wiki/BearingPoint" title="BearingPoint">Bearing Point</a>, <a href="https://en.wikipedia.org/wiki/Forbes_(magazine)" class="mw-redirect" title="Forbes (magazine)">Forbes</a> magazine's seventh Compass Award for Strategic Direction</li><li>Was named as a "Fellow of the Class of 1930" by <a href="https://en.wikipedia.org/wiki/Dartmouth_College" title="Dartmouth College">Dartmouth College</a>.</li></ul>

2006

<ul><li>The 2006 <a href="https://en.wikipedia.org/wiki/Bradley_Prize" class="mw-redirect" title="Bradley Prize">Bradley Prize</a> for outstanding achievement by the <a href="https://en.wikipedia.org/wiki/Bradley_Foundation" title="Bradley Foundation">Bradley Foundation</a>.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-153">[153]</a></li><li>The 2006 Innovation Award (Social and Economic Innovation) from <a href="https://en.wikipedia.org/wiki/The_Economist" title="The Economist">The Economist</a> magazine (December 2, 2006) for the promotion of property rights and economic development.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto(economist)#cite_note-154">[154]</a></li></ul>

2007

<ul><li>The Poder BCG Business Awards 2007, granted by Poder Magazine and the <a href="https://en.wikipedia.org/wiki/Boston_Consulting_Group" title="Boston Consulting Group">Boston Consulting Group</a>, for the "Best Anti-Poverty Initiative"</li><li>The anthology Die Zwölf Wichtigsten Ökonomen der Welt (The

World's Twelve Most Influential Economists, 2007), included a profile of

de Soto among a list that begins with Adam Smith and includes such

recent winners of the Nobel Prize in Economics as <a href="https://en.wikipedia.org/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> and <a href="https://en.wikipedia.org/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a>.</li><li>The 2007 Humanitarian Award in recognition of his work to help poor people participate in the market economy.</li></ul>

2009

<ul><li>Honorary patron of the <a href="https://en.wikipedia.org/wiki/University_Philosophical_Society" title="University Philosophical Society">University Philosophical Society</a> of <a href="https://en.wikipedia.org/wiki/Trinity_College,_Dublin" class="mw-redirect" title="Trinity College, Dublin">Trinity College, Dublin</a> for having excelled in public life and made a worthy contribution to society.</li><li>The inaugural Hernando de Soto Award for Democracy awarded by the

Center for International Private Enterprise (CIPE) in recognition of his

extraordinary achievements in furthering economic freedom in Peru and

throughout the developing world.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-155">[155]</a></li></ul>

2010

<ul><li>The Hayek Medal for his theories on liberal development policy

("market economy from below") and for the appropriate implementation of

his concepts by two Peruvian presidents.</li><li>The <a href="https://en.wikipedia.org/wiki/Medal_of_the_Presidency_of_the_Italian_Republic" class="mw-redirect" title="Medal of the Presidency of the Italian Republic">Medal of the Presidency of the Italian Republic</a>

(Council of Ministers) in recognition of his contribution toward the

betterment of humankind and having worked for the future of the earth

through his commitment.</li></ul>

2016

<ul><li>The 2016 <a href="https://en.wikipedia.org/wiki/Brigham%E2%80%93Kanner_Property_Rights_Prize" title="Brigham–Kanner Property Rights Prize">Brigham–Kanner Property Rights Prize</a> from William & Mary Law School during a ceremony in The Hague, Netherlands, in October 2016.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-156">[156]</a></li></ul>

<h3>World Justice Project</h3>Hernando de Soto serves as an honorary co-chair for the <a href="https://en.wikipedia.org/wiki/World_Justice_Project" title="World Justice Project">World Justice Project</a>. The <a href="https://en.wikipedia.org/wiki/World_Justice_Project" title="World Justice Project">World Justice Project</a> works to lead a global, multidisciplinary effort to strengthen the <a href="https://en.wikipedia.org/wiki/Rule_of_law" title="Rule of law">rule of law</a> for the development of communities of opportunity and equity.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-157">[157]</a>

<h2>Publications</h2><h3>Books</h3>De Soto has published two books about economic development: The Other Path: The Invisible Revolution in the Third World in 1986 in Spanish (with a new edition in 2002 titled The Other Path, The Economic Answer to Terrorism) and in 2000, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (<a href="https://en.wikipedia.org/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/978-0465016150" title="Special:BookSources/978-0465016150">978-0465016150</a>). Both books have been international bestsellers, translated into some 30 languages.

The original <a href="https://en.wikipedia.org/wiki/Spanish_language" title="Spanish language">Spanish-language</a> title of The Other Path is El Otro Sendero, an allusion to de Soto's alternative proposals for development in Peru, countering the attempts of the "<a href="https://en.wikipedia.org/wiki/Shining_Path" title="Shining Path">Shining Path</a>" ("Sendero Luminoso")

to win the support of Peru's poor. Based on five years worth of ILD

research into the causes of massive informality and legal exclusion in

Peru, the book was also a direct intellectual challenge to the Shining

Path, offering to the poor of Peru not the violent overthrow of the

system but "the other path" out of poverty, through legal reform. In

response, the Senderistas added de Soto to their assassination list. In

July 1992, the terrorists sent a second car bomb into ILD headquarters

in Lima, killing 3 and wounding 19.

In addition, he has written, with Francis Cheneval, Swiss Human Rights Book Volume 1: Realizing Property Rights,

published in 2006 – a collection of papers presented at an

international symposium in Switzerland in 2006 on the urgency of

property rights in impoverished countries for small business owners,

women, and other vulnerable groups, such as the poor and political

refugees. The book includes a paper on the ILD's work in Tanzania

delivered by Hernando de Soto.<a href="https://en.wikipedia.org/wiki/Hernando_de_Soto_(economist)#cite_note-158">[158]</a>

<ul><li>De Soto, Hernando. The Other Path: The Invisible Revolution in the Third World. Harpercollins, 1989. <a href="https://en.wikipedia.org/wiki/ISBN(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/0-06-016020-9" title="Special:BookSources/0-06-016020-9">0-06-016020-9</a></li><li>De Soto, Hernando. The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. Basic Books, 2000. <a href="https://en.wikipedia.org/wiki/ISBN(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/0-465-01614-6" title="Special:BookSources/0-465-01614-6">0-465-01614-6</a></li><li>De Soto, Hernando. <a href="https://en.wikipedia.org/wiki/The_Other_Path" title="The Other Path">The Other Path</a>: The Economic Answer to Terrorism. Basic Books, 2002. <a href="https://en.wikipedia.org/wiki/ISBN(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/0-465-01610-3" title="Special:BookSources/0-465-01610-3">0-465-01610-3</a></li><li>De Soto, Hernando and Francis Cheneval. Swiss Human Rights Book Volume 1: Realizing Property Rights, 2006. <a href="https://en.wikipedia.org/wiki/ISBN(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/978-3-907625-25-5" title="Special:BookSources/978-3-907625-25-5">978-3-907625-25-5</a></li><li>Smith, Barry et al. (eds.). The Mystery of Capital and the Construction of Social Reality, Chicago: Open Court, 2008. <a href="https://en.wikipedia.org/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en.wikipedia.org/wiki/Special:BookSources/0-8126-9615-8" title="Special:BookSources/0-8126-9615-8">0-8126-9615-8</a></li></ul>

<h2>See also</h2><ul><li><a href="https://en.wikipedia.org/wiki/The_Other_Path:_The_Economic_Answer_to_Terrorism" class="mw-redirect" title="The Other Path: The Economic Answer to Terrorism">The Other Path: The Economic Answer to Terrorism</a></li><li><a href="https://en.wikipedia.org/wiki/Liberalism" title="Liberalism">Liberalism</a></li><li><a href="https://en.wikipedia.org/wiki/Contributions_to_liberal_theory" class="mw-redirect" title="Contributions to liberal theory">Contributions to liberal theory</a></li><li><a href="https://en.wikipedia.org/wiki/Dependency_theory" title="Dependency theory">Dependency theory</a></li><li><a href="https://en.wikipedia.org/wiki/Documentality" title="Documentality">Documentality</a></li></ul>

<h2>Reference</h2></div>