Hernando de Soto (economist)

In this Spanish name, the first or paternal surname is de Soto and the second or maternal family name is Polar.
Hernando de Soto
De Soto in 2014
Born
Hernando Soto y Polar

(1941-06-02) June 2, 1941 (age 83)
Arequipa, Peru
Academic career
FieldThe economics of the informal sector and property rights theory
InstitutionInstitute for Liberty and Democracy
Alma materUniversity of Geneva (BA)
Geneva Graduate Institute (MA)
Influences
ContributionsDead capital
Websitehttps://www.ild.org.pe
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Hernando de Soto Polar (commonly known Hernando de Soto /dəˈsoʊtoʊ/; born June 2, 1941) is a Peruvian economist known for his work on the informal economy and on the importance of business and property rights.[1][2] His work on the developing world has earned him praise worldwide by numerous heads of state, particularly for his publication The Mystery of Capital and The Other Path. He is the current president of the Institute for Liberty and Democracy (ILD), a think tank devoted to promoting economic development in developing countries located in Lima, Peru.[3]

In Peru, de Soto's advisory has been recognized as inspiring the economic guidelines—including the loosening of economic regulation, the introduction of austerity measures and the utilization of neoliberal policies—that were ultimately adopted by the government of Alberto Fujimori and established in the 1993 Constitution of Peru.[4][5][6][7] The policies prescribed by de Soto resulted with Peru becoming macro-economically stable following the period of price controls and increased regulation established during the Lost Decade.[8][9] De Soto would go on to support Alberto's daughter, Keiko Fujimori, serving as an advisor during her presidential campaigns.[7][10][11] De Soto worked closely with various Peruvian governments, even serving as a negotiator for the Peru-United States Free Trade Agreement. After years of speculation, de Soto ran for the Peruvian presidency in the 2021 presidential election, placing fourth in an atomized race of 18 nominees.[12][13][14][15]

Internationally, de Soto helped inspire the Washington Consensus macroeconomic prescriptions and was credited by economist John Williamson, who coined the consensus' name.[16] He also supported the creation of the North American Free Trade Agreement (NAFTA),[17] with George H.W. Bush praising his promotion of free trade when announcing the North American agreement.[18][19][20] Other heads of state have recognized de Soto, including Bill Clinton, Vladimir Putin, Emmanuel Macron, Ronald Reagan and Margaret Thatcher.[21][better source needed] The ILD has received praise from other people including Nobel laureate Milton Friedman, World Bank President James Wolfensohn, and former UN Secretary-General Javier Pérez de Cuéllar.[22]

  1. ^ Mitchell, Timothy (2005). "The work of economics: how a discipline makes its world". European Journal of Sociology. 46 (2): 299. doi:10.1017/S000397560500010X. de Soto became the country's leading advocate of neoliberal reorganization
  2. ^ "En unas elecciones impredecibles, la única certeza en Perú es que habrá segunda vuelta". France 24. 2021-04-05. Retrieved 2021-04-07.
  3. ^ Institute for Liberty and Democracy, "Hernando de Soto – Detailed Bio". (accessed 16 March 2013)
  4. ^ Burt, Jo-Marie (25 September 2007). "Peru: Facade of Democracy Crumbles". NACLA. Retrieved 2020-12-11.
  5. ^ Brooke, James (1990-11-27). "A Peruvian Is Laying Out Another Path". The New York Times. ISSN 0362-4331. Retrieved 2020-09-26.
  6. ^ Stokes, Susan (1997). "Are Parties What's Wrong with Democracy in Latin America?". CiteSeerX 10.1.1.569.1490. {{cite journal}}: Cite journal requires |journal= (help)
  7. ^ a b Borda, Luis (2016-05-08). "Hernando de Soto: "Alberto Fujimori fue víctima de la seducción de Montesinos"". RPP (Peru) (in Spanish). Retrieved 2020-12-11.
  8. ^ Cite error: The named reference :21 was invoked but never defined (see the help page).
  9. ^ "Peru seeks to maintain growth as demand for commodities falls". Oxford Business Group. 2016-02-14. Archived from the original on 2021-04-10. Retrieved 2020-12-07.
  10. ^ "Peru economist Hernando de Soto endorses Keiko Fujimori". Perú Reports. 2016-05-08. Retrieved 2020-12-11.
  11. ^ "De Soto says Fujimori backs Peru anti-poverty plan". Reuters (in German). 2011-05-26. Retrieved 2020-12-11.[dead link‍]
  12. ^ El Comercio, Sebastián Martínez Ortiz (2020-09-25). "Hernando de Soto "será el candidato presidencial" de Avanza País, afirma dirigente". El Comercio (in Spanish). Retrieved 2020-09-26.
  13. ^ El Comercio, Ana Bazo Reisman (2021-04-11). "Hernando de Soto, el candidato que empezó pequeño y ahora roza la segunda vuelta". El Comercio (in Spanish). Retrieved 2021-04-18.
  14. ^ "Conteo rápido Ipsos al 100% de Elecciones 2021: Pedro Castillo y Keiko Fujimori disputarían segunda vuelta de Elecciones Generales de Perú del 2021 | Perú Libre | Fuerza Popular | Ganadores | Lima | Callao | Departamentos | Regiones | presidente | congresistas | Resultados Elecciones 2021 | pandemia Covid-19 | Presidente del Perú | Congreso | Parlamento Andino | | ELECCIONES-2021". El Comercio (in Spanish). 2021-04-14. Retrieved 2021-05-23.
  15. ^ CORREO, NOTICIAS (2021-04-12). "Flash electoral | Ipsos resultados boca de urna | Conteo rápido | Elecciones generales de Perú de 2021 | ganadores segunda vuelta | Candidatos presidenciales | PERU". Correo (in Spanish). Retrieved 2021-05-23.
  16. ^ Cite error: The named reference :14 was invoked but never defined (see the help page).
  17. ^ Rohter, Larry (1993-11-21). "THE WORLD; Latin America Finds Harmony in Convergence". The New York Times. ISSN 0362-4331. Retrieved 2021-04-09.
  18. ^ Source for President George H. W. Bush's remarks: Text of Remarks by the President to the World Bank/International Monetary Fund Annual Meeting, 27 September 1989, announcing NAFTA. Press release.
  19. ^ "The Department of State Bulletin". United States Department of State. 89 (2). Bureau of Public Affairs. 1989.
  20. ^ "The Milton Friedman Prize for Advancing Liberty". Cato Institute. 2004-05-06. Retrieved 2021-04-09.
  21. ^ "Hernando de Soto's Biography". Cato Institute. Retrieved 2020-09-28.
  22. ^ "Praise for de Soto and Institute for Liberty and Democracy". Cato Institute. Retrieved 2020-09-28.