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Maybe Capitalism Isnt the Way After All Hernando De Soto is a Peruvian Economist who lived in the United States most of his life De Sotos parents made sure that he visit his home country every year As a child De Soto recalls being interested in why certain countries like Peru has such an evident class difference unlike the United States This mans interest as a child didnt die out as he grew older De Soto Studied economics and formulating a number of controversial theories concerning the reason why nations are poor and how wealth can be increased in those nations The Peruvians theories revolve around empowering the poor giving them the basic rights that they deserve property legislation and eliminating dead capital De Soto seems to have a winning formula to rectify the economic conditions of 3rd world countries the actual studies included Egypt based on the extensive research by his team of economists If De Sotos theories were to be applied in the rural less civilized areas of Egypt the economic situation in the country would positively improve Places like Imbaba Shubra Menoufeya and many others would improve from the application of De Sotos ideas In Egypt these places have been considered problematic in the past thus they have been neglected and left without any supervision The economic situation in Imbaba is so bad that people do not eat meat or veal but camel meat because it is much cheaper The specific problem faced in places like Imbaba that De Sotos theories handle eloquently is poverty The problem lies in the concept of dead capital it is considered capital that is available but cant be used by people In an interview Hernando De Soto says Now you have a lot of assets in developing countries - we probably have more oil we probably have more copper we probably have more Uranium than the Unites States the problem is that it
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