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Monday, July 2

NY Times Magazine The Poor Man's Capitalist: Hernando de Soto: "While economists call him simplistic, third world leaders just call him. Back when Mexico's president, Vicente Fox, was governor of the state of Guanajuato, he sought out de Soto for advice. President Hosni Mubarak's son Gamal is his reform partner in Egypt. President Joseph Estrada of the Philippines brought de Soto in, and his successor, Gloria Arroyo, wants de Soto to press on. All this came before the publication last fall of de Soto's latest book, The Mystery of Capital." I used to scoff at Hernando de Soto as a snake oil salesman who was underwritten by the U.S. A.I.D., but now I respect him for his persistence and capacity to condense a lot of thinking into a few simple ideas, that he repeats again and again until it starts to sink in.

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