Monday, June 25, 2012

breakdown of the private credit system

Published: December 2, 2011
Behind the global financial crisis is a breakdown of the knowledge system that used to underpin private credit. Politicians, not financial wizards, will have to fix it. 

Hernando de Soto is a Peruvian economist who made enough money in Europe to retire before he was 40. Instead he began studying what makes some countries rich and keeps others poor. His advocacy for formal property rights to lift citizens of developing countries from poverty made him an assassination target for Shining Path, a Maoist terrorist group. He has outlived the Shining Path.

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