There is a famous economist named [Hernando] de Soto who did some studies on Libya. I contacted him as early as 2003 out of research interest to talk about to how an informal economy can be changed into a formal economy, how it is that we have a 1.750 million square kilometres in Libya and yet how much of that can be collateralised to guarantee loans for young people, for example. It’s less than .00001 percent because there is no land registry, no clear title, and no way of valuing, no credit bureau that can give credit worthiness reports.
Unless you can release this potential, you will not be able to jump-start the economy.We need creative ideas – ideas like De Soto’s, ideas like the Finnish approach to development, or the Swedish, Norwegian attitudes towards the welfare of their people, and the automation of government as in Estonia and other countries where there is e-Government that can reach the tiniest of villages and towns.We need laboratories for incubating new ideas about how to restructure the economy.
Read the full article on the Libyan Herald website