Word: hernando
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...high-end women’s clothing boutique, is closing its doors permanently after nearly nine years in Harvard Square. Owner Marie Santa Maria, who along with her husband Hernando also owns and operates the boutique Via Vai across the street, said that rising rent and a mismatch between the store’s offerings and Harvard Square clientele precipitated the closure. “We’re going to be reinventing ourselves somewhere else,” she said. While Santa Maria declined to disclose the exact location of the new store she and her husband plan...
...this argument sounds familiar, it should: Peruvian economist Hernando de Soto expresses a similar view in “The Mystery of Capital,” which pinpoints a lack of formal property rights as a main culprit behind the developing world’s stagnation. Like his compatriot, Vargas Llosa heaps praise on the ingenuity of Latin America’s poorest, especially the shantytown residents who have organized to provide basic services to the disenfranchised. Still, he considers them incapable of generating the sort of structural change key to breaking the region’s cycle of misery...
...HERNANDO DE SOTO by Tim Padgett...
This month de Soto became the second recipient of the Washington-based Cato Institute's $500,000 Milton Friedman Prize for Advancing Liberty. "Hernando sees strong entrepreneurs among the poor who make do in such horrible circumstances," says Cato's president, Edward Crane. "This is going to grow." And so, it's hoped, will the fortunes of those underground. --By Tim Padgett
Development schemes for Third World countries rarely benefit the poor, largely because aid is too often squandered by corrupt bureaucracies. That makes fresher, commonsense visions like those of Peruvian economist Hernando de Soto all the more welcome. De Soto has spent years looking deep inside the underground economies where poor people--who make up two-thirds of the world's population--eke out a living. He figures the value of their extralegal property, from cinder-block squatter homes to black-market street-vendor sales, at almost $10 billion. De Soto insists that bringing the poor and their assets into...