Peruvian pioneering development economist, Hernando de Soto spoke to the US House Foreign Affair’s Committee on “the economic roots of the Arab Spring”, May 21 2013. At a hearing of the Foreign Affairs Committee of the US House of Representatives entitled “The Call for Economic Liberty in the Arab World”, Hernando spent two hours presenting a prepared statement followed by a Q&A session.
He is the president of the Institute of Liberty and Democracy (ILD) which has worked in the MENA (Middle East and North Africa) region for more than 12 years. Hernando told the committee that while most policy makers in the US and Europe see the Arab world revolutions as a problem, he considers it as a solution to economic growth and a contribution to peace in a region. He also described the ILD’s research which had found that MENA economies were “in the midst of a transition from a pre-market to a market order – and the crucial element to the success of that transition was giving ordinary people easy access to legal property rights.”
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