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World Commission on the Social Dimension of Globalization


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Hernando de Soto - Peru

President of the Institute for Liberty and Democracy (ILID), deemed by The Economist as one of the two most important think-tanks on development issues in the world. Mr. de Soto was chosen by Time magazine in 1999 as one of the five leading Latin American innovators of the century. Forbes magazine, in its 85th anniversary edition, included him among 15 innovators “who will reinvent your future”. He and ILD were responsible for some 400 initiatives, laws and regulations that modernized Peru’s economic system. They designed and ran Peru’s property system, giving new entitlements to more than 1,300,000 families, bringing within the law 380,000 firms previously operating in the informal economy, and producing net benefits for the country’s poor of more than $9 billion. They also contributed to streamline the country’s legal procedures, stabilize the economy, control inflation and favour Peru’s return to international financial markets. De Soto’s most recent best-seller is The Mystery of Capital: Why Capitalism Succeeds in the West and Fails Everywhere Else.

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Established by the ILO
 Updated 6 Aug. 2003