Hernando de Soto Polar

Hernando de Soto Polar (born June 2, 1941 in Lima) is an economist and politician from Peru. He has become known for what he wrote and said on the Informal economy and property rights.
In 2020, he announced his candidacy for President of Peru for the 2021 general election. He ultimately placed fourth in an atomized race of 18 nominees. 
Main ideas.
Private ownership is needed.
In his books, de Soto says that an economy cannot go past the stage of a subsistence economy if there is not a formal system of owning property (land or goods). Developing countries have "informal ownership" since no formal certificate says that land or goods really belong to a certain person.
De Soto thinks the capitalist economies of the United States developed because they had a clear system of owning property. For the United States, the formal system of owning property came from it being a colony of England. Japan's formal system came after the Second World War.
Because formal ownership systems do not exist in developing countries, the poor people in these nations cannot develop. They cannot use their land as a guarantee to the bank to get money to build something, for example. De Soto argues that this is the basis for enterpreneurship. In much of the developing world,famers therefore are left with subsistence agriculture. As such, he argues that this informal ownership should be made formal, for example by giving squatters in shanty towns land titles to the land they now live on.
Government bureaucracy is bad for the economy.
De Soto also argues that government bureaucracy greatly hinders the ability for people to hold private property, for example:
Thus entrepreneurs are driven to form "underground" economies, but de Soto points out the serious disadvantages:
Thomas Sowell's review of his book.
Thomas Sowell writes: