The two super economists Thomas Piketty and Hernando de Soto both agree that the capitalist system is flawed. But where Piketty thinks there is too much capitalism, de Soto thinks there is too little, which is the fundamental reason why millions of migrants right now are banging on the doors of Europe, writes Nils Elmark.

Six months ago The Independent published an article by the Peruvian economist Hernando de Soto under the headline ”Why Thomas Piketty is wrong”. Here de Soto criticises his famous French colleague and his book “The Capital in the 21st Century” which sold 1.5 million copies when it was translated into English in 2014.

Both economists have lost public attention since then, not least due to a new overriding agenda created by a wave of migrants threatening to flood Europe. But this only proves the point stated by both economists: capitalism is flawed and needs to be fixed.

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