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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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TWT4 June 2015
By Michael Matheson Miller

One of the governing narratives about poverty is that the world's poor are dominated by markets and that justice requires they be protected from competition and the ups and downs of a market economy. This is widely promoted by everyone from development professionals to religious leaders, but this perhaps one of clearest cases of getting something almost entirely wrong. The poor are not dominated by markets. They are excluded from markets.

In the attempts to help the poor, we provide food and clothes, and give aid for health, education and infrastructure, but we often miss what is most needed. Every several years there is a new global call to eradicate poverty from the latest United Nations plan or Christian leaders saying that if North American Christians were more generous we could raise $80 some billion and end extreme poverty forever.

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