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Dr. Hernando de Soto. Final Report 05/12/2004. Hernando de Soto. UTEP President’s Office Center for Inter-American and Border Studies Business Leadership Council Center for Law and Border Studies College of Business Administration Plan Estratégico de Juárez, A.C.
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Final Report05/12/2004 Hernando de Soto UTEP President’s Office Center for Inter-American and Border Studies Business Leadership Council Center for Law and Border Studies College of Business Administration Plan Estratégico de Juárez, A.C. El Colegio de la Frontera Norte Fundación del Empresariado Chihuahuense, A.C. Instituto Mexicano de Ejecutivos de Finanzas, A.C. Universidad Autónoma de Ciudad Juárez
Center for Inter-American Border and Studies ciudad juárez
Release Biography Hernando de Soto Hernando de Soto is president of the Institute for Liberty and Democracy (ILD), headquartered in Lima, Peru. and was recently chosen as one of the five leading Latin American innovators of the century by Time magazine in its special May 1999 issue on "Leaders for the New Millennium." De Soto was born in Arequipa, Peru, in 1941 and did his post-graduate work at the Institut Universitaire de Hautes Etudes Internationales in Geneva. He has served as an economist for the General Agreement on Tariffs and Trade, as a principal of the Swiss Bank Corporation Consultant Group, and as a governor of Peru's Central Reserve Bank. De Soto was President Alberto Fujimori's personal representative and principal advisor until he resigned at the time of the President's coup d'état. During that period, he and the ILD were responsible for some 400 laws and regulations that have modernized Peru's economic system, opening it up to greater participation by the majority. In 1992, De Soto was the keynote speaker at a TransAtlantic Futures forum, speaking on the topic, "Are Democracies and Markets Failing in Latin America?“ His first book, “The Other Path: The Economic Answer to Terrorism,” investigated the Peruvian economy and argued that a viable market system—capable of generating wealth—was operating under the nose of Peruvian government. As a result, De Soto was attacked by the Shining Path Guerrilla Movement. His latest book, “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else,” was based on research by the Institute for Liberty and Democracy and concludes that most of the world's population holds the answer to its poverty in its own hands—its property. Source: www.theglobalist.com/DBweb/AuthorBiography.aspx?AuthorId=32
Press Release (English) Contact: Jon Amastae, Ph. D. Director, UTEP Center for Inter-American Border Studies 915/747-5196 Acclaimed Peruvian Economist to Speak at UTEP Internationally renowned economist and author Hernando de Soto will present a lecture Wednesday, Oct. 15, at the University of Texas at El Paso. He will speak at Magoffin Auditorium at 7:00 p.m. A presentation in Juárez, Mexico, will also be held earlier that day. De Soto is the director of Peru's Institute for Liberty and Democracy and an expert in market economics and property rights. The institute is a private, non-profit think tank that studies market development in third-world countries. His first book, The Other Path: The Economic Answer to Terrorism, investigated the Peruvian economy and argued that a viable market system—capable of generating wealth—was operating under the nose of Peruvian government. As a result, he was attacked by the Shining Path guerilla movement. His latest book, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, was based on research by the Institute for Liberty and Democracy and concludes that most of the world's population holds the answer to its poverty in its own hands—its property. The key to unlocking the potential for growth is to create ways for the poor to recognize and use their own capital. De Soto’s binational visit is sponsored by a consortium of U.S and Mexican groups, including UTEP, the Business Leadership Council, the Plan Estratégico de Juárez, El Colegio de la Frontera Norte (COLEF), the Universidad Autónoma de Juárez, the Fundación del Empresariado Chihuahuense and the Instituto Mexicano de Ejecutivos de Finanzas (IMEF). UTEP takes pride in sponsoring speakers on a broad range of ideas and global topics of importance to the Border region and the Americas, including demographics, climate change, information technology, health, and geopolitical and socioeconomic trends.
Press Release (Spanish) Contactarse con: Dr. Jon Amastae Director, Centro de Estudios Inter-Americanos y Fronterizos de UTEP 915/747-5196 Pronunciará Discurso en UTEP Distinguido Economista Peruano El internacionalmente reconocido economista y autor Hernando de Soto dará una conferencia el miércoles 15 de octubre en la Universidad de Texas en El Paso. El mismo día hará una presentación en Ciudad Juárez. De Soto es Director del Instituto Libertad y Democracia y un experto en economía informal y derechos de propiedad. Este instituto peruano, privado y sin fines de lucro es un centro de investigación, consultoría y desarrollo de políticas o (think tank) que examina el desarrollo de los mercados en países del tercer mundo. Su primer libro, El otro sendero: la respuesta económica al terrorismo, analiza la economía peruana y sostiene que la economía informal del Perú es en realidad un sistema de mercado viable, capaz de generar riqueza y contribuir a la solución de los problemas sociales que generan la inestabilidad política en ese país. Su último libro, El misterio del capital: por qué el capitalismo triunfa en occidente y fracasa en el resto del mundo, está basado en investigaciones realizadas por el Instituto Libertad y Democracia y llega a la conclusión de que la mayor parte de la población mundial tiene en sus propias manos la solución al problema de la pobreza: es decir, la propiedad. La visita binacional de De Soto es patrocinada por un consorcio de grupos mexicanos y estadounidenses, entre los cuales figuran La Universidad de Texas en El Paso, el Business Leadership Council, el Plan Estratégico de Juárez, El Colegio de la Frontera Norte (COLEF), la Universidad Autónoma de Ciudad Juárez, la Fundación del Empresariado Chihuahuense, y el Instituto Mexicano de Ejecutivos de Finanzas (IMEF).
General Release Contact: Jon Amastae, Ph.D. Director, UTEP Center for Inter-American and Border Studies 915/747-5196 or Erica Martinez Writer, University Communications 915/747-5085 Acclaimed Peruvian Scholar to Speak at UTEP -Millennium Lectures Continue with Hernando de Soto- Internationally renowned economist and controversial author Hernando de Soto will present a lecture at 7 p.m. Wednesday, Oct. 15, at the University of Texas at El Paso, Undergraduate Learning Center, Room 106. A Spanish video link will be available in Room 116. A presentation in Juárez, Mexico, by De Soto will also be held that day. His lecture, “Economic Development: From Poverty to Capital,” is part of UTEP’s Millennium Lectures Series. “Hernando de Soto's ideas on economic development function in the space between economics and the legal system,” said Jon Amastae, director of UTEP’s Center for Inter-American and Border Studies. “They show that economic development can occur in a context of poverty, provided that the legal system provides the mechanisms for the poor to leverage their assets and create capital.” De Soto, a 2001 Nobel Prize in economics nominee, is the director of Peru's Institute for Liberty and Democracy and an expert in informal economics and property rights. The institute is a private, non-profit think tank that studies market development in third-world countries. His first book, “The Other Path: The Economic Answer to Terrorism,” investigated the Peruvian economy and argued that a viable market system—capable of generating wealth—was operating under the nose of Peruvian government. As a result, De Soto was attacked by the Shining Path Guerrilla Movement. His latest book, “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else,” was based on research by the Institute for Liberty and Democracy and concludes that most of the world's population holds the answer to its poverty in its own hands—its property. De Soto’s binational visit is sponsored by a consortium of U.S and Mexican groups, including UTEP, Plan Estratégico de Juárez, Colegio de la Frontera Norte (COLEF), Universidad Autónoma de Juárez, Fundación del Empresariado Chihuahuense and Instituto Mexicano de Ejecutivos de Finanzas (IMEF). UTEP’s Millennium Lectures Series focuses on issues and ideas shaping the new millennium and features speakers on a broad range of global topics, including demographics, climate change, information technology, health, and geopolitical and socioeconomic trends. -30-
Release-Media Availability Contact: Jon Amastae, Ph.D. Oct. 14, 2003 Director, UTEP Center for Inter-American and Border Studies 915/747-5196 or Erica Martinez Writer, University Communications 915/747-5085 MEDIA ADVISORY Internationally renowned economist and controversial author Hernando de Soto will make a presentation and lecture in Juárez and El Paso, respectively, on Oct. 15-16. The following is the media availability schedule. Wednesday, Oct. 15 Press conference. 10:15-11 a.m. Centro de Convenciones Cibeles, Blvd. Tomás Fernandez No. 8450, Campestre Senecú, Juárez, Mexico. Lecture. 7 p.m. at the University of Texas at El Paso, Undergraduate Learning Center, Room 106. A Spanish video link will be available in Room 116. The lecture is followed by a question and answer session. Thursday, Oct. 16 Press session. 9:45-10:15 a.m. UTEP Union Building East, Third Floor, Smiley Room, Room 310. De Soto, a 2001 Nobel Prize in economics nominee, is the director of Peru's Institute for Liberty and Democracy and an expert in informal economics and property rights. The institute is a private, non-profit think tank that studies market development in third-world countries. -30-
Release-Organizations U.S., Mexican Groups bring Peruvian Economist to El Paso Hernando de Soto’s binational visit and Millennium Lecture is sponsored by a consortium of U.S and Mexican groups, including UTEP, Plan Estratégico de Juárez, El Colegio de la Frontera Norte (COLEF), Universidad Autónoma de Ciudad Juárez, Fundación del Empresariado Chihuahuense and Instituto Mexicano de Ejecutivos de Finanzas (IMEF). The University of Texas at El Paso, the only doctoral-research university in the United States with a Mexican-American majority student population, has received national recognition for providing access to first-generation students and excellence in academic and research programs. www.utep.edu Business Leadership Council is dedicated to improving the El Paso community by providing quality research on vital issues, including education, government and the economy. Plan Estratégico de Juárez promotes the organization of public and private entities within Juárez to develop a plan of action for the improvement of city and citizens’ quality of life. www.planjuarez.org El Colegio de la Frontera Norte (COLEF) is a research and higher education institution, focusing its studies on the U.S-Mexico border region and issues within the area. www.colef.mx The Universidad Autónoma de Ciudad Juárez is recognized for its academic program in Northern Mexico to students both nationally and internationally. The university offers bachelor’s and master’s programs in engineering, social sciences and administration, biosciences and architecture. www.uacj.mx Fundación del Empresariado Chihuahuense focuses its philanthropic efforts in the areas of health and education. Since 1996, the organization has supported projects totaling more than $25 million throughout the state of Chihuahua, Mexico. www.fundacion.org.mx The Mexican Institute of Finance Executives is dedicated to the success of its associates through the sharing of financial ideas and research. Members of the institute include financial officers for companies and institutions in both the private and public sectors in Mexico. www.imef.org.mx -30-
UTEP Invitation Letter to the Millennium Lecture T H E U N I V E R S I T Y O F T E X A S A T E L P A S O Dear : Dr. Hernando de Soto is one of the most important economists working today. A former Finance Minister of Perú, he is the founder and director of the Institute for Leadership and Democracy in Lima, Perú, where he has conducted research on the problems of economic development in the “third world.” His most recent book, The Mystery of Capital, has articulated the central question for political economy in our time: Why has capitalism succeeded in the West and failed everywhere else? His answers are based on investigation of the development of shanty-towns in Latin American cities, the growth of the informal economic sector in such cities, the relationship between the legal and economic systems, and an original interpretation of US history in the 19th century. His ideas have been promoted by a wide range of political figures, from ex-President Bill Clinton to the editors of The Economist and the US Department of Commerce in the current administration. He has been nominated for the Nobel Prize. Some materials on de Soto are attached; more information can be found at the ILD website, www.ild.org.pe The border community presents an illustration of many of his ideas and a challenge for others. Now, through a binational effort led by the University of Texas at El Paso and the Plan Estratégico de Juárez, the El Paso-Cd. Juárez community has a unique opportunity to hear Dr. de Soto speak and learn about his ideas. I am pleased to invite you to hear Hernando de Soto on Wednesday, October 15 at 7:00 pm in UTEP’s Magoffin Auditorium. His presentation will outline his approach to the recognition of hidden capital and ways in which its growth can be stimulated, topics of obvious relevance to our region. We hope you will be able to attend what is sure to be an excellent program. If you would like to read more about Mr. de Soto’s ideas in advance, his books are available at the UTEP bookstore, Barnes and Noble, and through the internet. Sincerely, Jon Amastae, Ph.D. Director Center for Inter-American and Border Studies 500 W. University Ave. El Paso, Texas 79968-0605 (915) 747-5196 FAX: (915) 747-5574 www.utep.edu/cibs
UTEP Invitation Letter to the Breakfast Center for Inter-American and Border Studies T H E U N I V E R S I T Y O F T E X A S A T E L P A S O Dear : Dr. Hernando de Soto is one of the most important economists working today. A former Finance Minister of Perú, he is the founder and director of the Institute for Leadership and Democracy in Lima, Perú, where he has conducted research on the problems of economic development in the “third world.” His most recent book, The Mystery of Capital, has articulated the central question for political economy in our time: Why has capitalism succeeded in the West and failed everywhere else? His answers are based on vast investigation of the development of shanty-towns in Latin American, African, and Asian cities, the growth of the informal economic sector, the relationship between the legal and economic systems, and an original interpretation of US history in the 19th century. His ideas have been promoted by a wide range of political figures, from ex-President Bill Clinton to the editors of The Economist and the US Department of Commerce in the current administration. He has been nominated for the Nobel Prize. Some materials on de Soto are attached; more information can be found at the ILD website, www.ild.org.pe The border community presents an illustration of many of his ideas and a challenge for others. Now, through a binational effort led by the University of Texas at El Paso and the Plan Estratégico de Juárez and other collaborators, the El Paso-Cd. Juárez community has a unique opportunity to hear Dr. de Soto speak and learn about his ideas. I am pleased to invite you to hear Hernando de Soto on Wednesday, October 15 at 7:00 pm in UTEP’s Magoffin Auditorium. At that time he will outline his approach to the recognition of hidden capital and ways in which its growth can be stimulated, topics of obvious relevance to our region. We hope you will be able to attend what is sure to be an excellent talk. In addition, a smaller number of people are invited to a less formal breakfast workshop on Thursday, Oct. 16 at 8:00 am in the Tomás Rivera Conference Center in the UTEP Union. At this session participants will have the opportunity to participate in a more detailed examination of de Soto’s ideas and to probe their relevance to El Paso and the border region. I am pleased to invite you also to the morning session. No response is necessary for the evening session on Oct. 15. However, if you plan to attend the morning session on Oct. 16, please return the enclosed card, as participation is limited. A pass is enclosed for reserved parking at both events. We look forward to seeing you at this unique opportunity. If you would like to read more about Mr. de Soto’s ideas in advance of the talk, his books are available at the UTEP bookstore, Barnes and Noble, and through the internet. More information on both events is available at our website, www.utep.edu/cibs. Sincerely, Jon Amastae, Ph.D. Director 500 W. University Ave. El Paso, Texas 79968-0605 (915) 747-5196 FAX: (915) 747-5574 www.utep.edu/cibs
Breakfast Meeting Hernando de Soto Breakfast Meeting Oct. 26, 2004 Tomás Rivera Conf. Center Peruvian economist Hernando de Soto spoke at UTEP’s Tomás Rivera Conference Center on Oct.6, 2003, to a group composed of members of the El Paso Business Leadership Council and UTEP College of Business Administration faculty. Because most of the attendees had not heard his Millennium talk the previous evening, he summarized it briefly ( refer to Millenium Lecture). The breakfast session included greater focus on the process of creating formalized value, and the ways in which American often mis-understands its own history in this regard. Noting that such programs as the Homestead Act were in fact mechanisms through which the law caught up with what people were already doing (taking informal possession of the land), he argued that the common Latin American phenomenon of land invasion followed by informal construction of housing is actually very similar. What Latin American Governments need to do is to make it possible for the landless to own land formally rather than engaging in absolute resistance. Reminding the audience that in the US (as the paradigmatic example of an economically developed country), the great majority of new jobs are created through small businesses, AND small businesses are typically created through equity loans on homes, de Soto argued that the ultimate key to economic development in much of the world is not through the importation of jobs in the current globalizing manufacturing sector, but in a more bottom-up pattern of internal generation of businesses and economic growth. Through the discussion, de Soto was surprised to learn that even in the US, phenomena more stereotypical of Latin America can be found, such as the colonias along the US-Mexico border, which exist for many of the same reasons and create many of the same combinations of advantages and limits for their inhabitants as in Latin America.
Millennium Lecture Hernando de Soto Oct. 25, 2004 - UGLC 106/116 Peruvian economist Hernando de Soto spoke at UTEP’s Undergraduate Learning Center on Oct. 25, 2003, delivering the first Millennium lecture of 2003-2004. In perfect English, the Swiss-educated de Soto easily convinced approximately 800 listeners that economics is not necessarily “the dismal science.” Moreover, he offered a number of insights of great relevance to economic development in El Paso-Júarez and similar communities wrestling with problems of economic development. Following closely on his best-selling The Mystery of Capital /El Misterio del Capital de Soto began by emphasizing the importance of formal recognition of value. That is, that in modern societies value must be registered in formal ways for it to reach its full potential in exchange, which then leads to growth. Using such immediate illustrations as an apple, and then his own passport, the dynamic de Soto showed his audience that without such formal registration of ownership, assets of value cannot be traded. This fundamental insight was then extended to such things as home ownership. Repeating his oft-quoted line that even dogs recognize property ownership and boundaries, de Soto talked about the economic limits inherent in lack of formal property registration in much of the world. That is, while the poor in Latin American and elsewhere display extreme economic ingenuity and energy in adding value to their once-marginal housing, they cannot realize the full potential of their investment because they often lack formal title, and thus cannot either sell or use the property for collateral. And therefore, unlike the pattern in much of the US, they cannot begin formal businesses, but are limited to the informal sector for business development. While much of de Soto’s work has documented and extolled the importance of the informal sector in developing countries, he took great care to explain how circumstances that force people into informality limit a country’s potential for growth. First, it removes a large percentage of economic activity from socio-governmental control, including the capacity to tax and generate funds for public purposes. Second, it creates a disregard for civic structure and purpose. And, in the end, of course, it is economically self-limiting. Finally, de Soto touched on the relationship between a country’s economic and legal systems. It is the legal system that must provide a transparent, simple, and accessible system for people to create economic value. This includes basic land-holding for housing, of course, but it also includes the system for creating a business. One of de Soto’s ground-breaking investigations was the attempt to create a series of businesses in several sectors in Perú. In some cases, hundreds of steps were required, taking several years. He has said clearly that economic growth depends absolutely on good public policy and administration. De Soto is the President of the Institute for Liberty and Democracy, in Lima, Perú, and has been widely hailed as the political economist whose ideas often appeal to both the right and the left of the political spectrum, and the first to provide wholistic suggestions to problems of economic development in much of the world. He has been nominated for the Nobel Prize in economics and has worked as a consultant for many countries, including Mexico and Thailand, just to name two.
