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  • The 2017 Global Award for Entrepreneurship Research goes to Hernando de Soto

    The 2017 Global Award for Entrepreneurship Research goes to Hernando de Soto

    The Global Award for Entrepreneurship Research is the most prominent international award in entrepreneurship research with a price sum of EUR 100,000. De Soto’s analyses have had tremendous influence on policy throughout the world and were a main source of inspiration for the World Bank’s Doing Business program. Read More
  • 2017 Award Winner

    2017 Award Winner

    Hernando de Soto Peru  Institute for Liberty and Democracy For developing a new understanding of the institutions that underpin the informal economy as well as the role of property rights and entrepreneurship in converting the informal economy into the formal sector.   Read More
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McKinsey n CompanyThe founder and president of the Institute for Liberty and Democracy explains the effort to bring property rights and the rule of law to developing economies.

1 November 2012 - Hernando de Soto is founder and president of the Institute for Liberty and Democracy. A native of Peru, de Soto was educated in Switzerland, where he pursued a career in business before returning to Lima. He is the author of The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (Basic Books, 2000). The following is an edited transcript of the interview, which was conducted by Rik Kirkland, McKinsey’s director of publishing.

Interview transcript

Moving the world into the formal economy
I am chairman of an organization, a nonprofit organization called the ILD, the Institute for Liberty and Democracy of Peru, that over time has specialized in explaining how you evolve from a society where the majority of trade, business, and assets are controlled through customary—shall we say, through unconventional—systems, rather than through law. How do you take that society and move it to the rule of law? Now that’s something you did, of course, in the United States and Europe, but it was in the 18th and 19th centuries.

 

To watch the interview and/or read the complete transcript, please visit McKinsey & Company

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