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  • The 2017 Global Award for Entrepreneurship Research goes to Hernando de Soto

    The 2017 Global Award for Entrepreneurship Research goes to Hernando de Soto

    The Global Award for Entrepreneurship Research is the most prominent international award in entrepreneurship research with a price sum of EUR 100,000. De Soto’s analyses have had tremendous influence on policy throughout the world and were a main source of inspiration for the World Bank’s Doing Business program. Read More
  • 2017 Award Winner

    2017 Award Winner

    Hernando de Soto Peru  Institute for Liberty and Democracy For developing a new understanding of the institutions that underpin the informal economy as well as the role of property rights and entrepreneurship in converting the informal economy into the formal sector.   Read More
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America is the land people set sail for–to get away from big government, to find freedom, to make their fortune. We have to first understand what made America great before we can even think about influencing the rest of the world. Some candidates for President like Hillary Clinton and Sen. Marco Rubio think we should spread American style-freedom and democracy around the world.

But is hasn’t worked out so well. In Hillary’s war in Libya the so-called freedom fighters won, but now chaos and jihadists rule. Our ambassador was assassinated and now ISIS is a serious threat.Why did revolution lead to freedom in America but not in the Middle East?For starters, the Middle East had no Magna Carta moment. Eight centuries ago, our forefathers came together at Runnymede to begin limiting the power of the monarch. Ever since we have jealously guarded against tyranny and limited centralization of power. The Middle East has no such tradition. In fact, the Middle East, for the most part, knows only despotism.The economist Hernando De Soto reports that Bouazizi wanted to form: “a company of his own and dreamed of buying a pickup truck to take produce to other retail outlets to expand his business. But to get a loan to buy the truck, he needed collateral–and since the assets he held weren’t legally recorded or had murky titles, he didn’t qualify.”When choice is taken away by the state only politically favored individuals are granted permits to buy and sell. There is nothing fair about socialism. Socialism simply replaces a voluntary marketplace with a coerced market where choices are limited by the state and licenses are doled out to political cronies–hardly a recipe for fairness.


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