We have updated our Privacy Policy Please take a moment to review it. By continuing to use this site, you agree to the terms of our updated Privacy Policy.
The Mystery of Capital
Why Capitalism Triumphs in the West and Fails Everywhere Else
Description
A renowned economist argues for the importance of property rights in "the most intelligent book yet written about the current challenge of establishing capitalism in the developing world" (Economist)
"The hour of capitalism's greatest triumph," writes Hernando de Soto, "is, in the eyes of four-fifths of humanity, its hour of crisis." In The Mystery of Capital, the world-famous Peruvian economist takes up one of the most pressing questions the world faces today: Why do some countries succeed at capitalism while others fail?
In strong opposition to the popular view that success is determined by cultural differences, de Soto finds that it actually has everything to do with the legal structure of property and property rights. Every developed nation in the world at one time went through the transformation from predominantly extralegal property arrangements, such as squatting on large estates, to a formal, unified legal property system. In the West we've forgotten that creating this system is what allowed people everywhere to leverage property into wealth. This persuasive book revolutionized our understanding of capital and points the way to a major transformation of the world economy.
"The hour of capitalism's greatest triumph," writes Hernando de Soto, "is, in the eyes of four-fifths of humanity, its hour of crisis." In The Mystery of Capital, the world-famous Peruvian economist takes up one of the most pressing questions the world faces today: Why do some countries succeed at capitalism while others fail?
In strong opposition to the popular view that success is determined by cultural differences, de Soto finds that it actually has everything to do with the legal structure of property and property rights. Every developed nation in the world at one time went through the transformation from predominantly extralegal property arrangements, such as squatting on large estates, to a formal, unified legal property system. In the West we've forgotten that creating this system is what allowed people everywhere to leverage property into wealth. This persuasive book revolutionized our understanding of capital and points the way to a major transformation of the world economy.
By clicking 'Sign Up,' I acknowledge that I have read and agree to Hachette Book Group’s Privacy Policy and Terms of Use
Praise
"The blueprint for a new industrial revolution."
—The Times (London)
"The most intelligent book yet written about the current challenge of establishing capitalism in the developing world."
—Economist
"The Mystery of Capital makes a powerful case...An important book."
—Washington Post Book World
"If a nonmathematician can win a Nobel Prize in Economics, I nominate de Soto."
—Lawrence Minard, Forbes Global
"In his smart new book, The Mystery of Capital, de Soto answers the question why capitalism succeeds in the West and fails in so many other places."
—Thomas Friedman, New York Times
"Some books are good, some are bad, but very few are real gems. One of the few gems is the recently published book, The Mystery of Capital."
—Thomas Sowell