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Tag Archives: poverty

The Capitalist Cure for Terrorism

Hernando de Soto is one of my favorite economists. (Though as with almost anyone I disagree with him on some important points.) A champion of capitalism and everyday people he is my kind of guy.

His argument basically goes like this:

Poor people are shut out of economies. Cronyism and red tape make building businesses almost impossible. In many countries the poor remain permanently on the margins of society. The poor typically have no property rights (even if they’ve been on a piece of land for generations for instance) and enforceable contracts do not often exist. As a result this situation limits access to capital – no one will provide a loan on a piece of property for which there is no deed – which then keeps the poor poor.

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The State Causes the Poverty It Later Claims to Solve

We spend a good amount of time arguing against the expansion of the state. We particularly don’t like it when the state and special interests, banks, other large industries, unions, etc, come together with the state. We argue that the state must be reduced in size to reduce the system of corruption we now are witness to.

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