The main message of de Soto's work and writings is that no nation can have a strong market economy without adequate participation in an information framework that records ownership of property and other economic information.
That documentation builds a public memory that permits society to engage in such crucial economic activities as identifying and gaining access to information about individuals, their assets, their titles, rights, charges and obligations; establishing the limits of liability for businesses; knowing an asset's previous economic situation; assuring protection of third parties; and quantifying and valuing assets and rights.They cannot seek legal remedies to business conflicts in court, since they do not have legal ownership.Lack of information on income prevents governments from collecting taxes and acting for the public welfare.Hernando de Soto was born on 2 June 1941 in Arequipa, Peru. After the 1948 military coup in Peru, his parents chose exile in Europe, taking their two young sons with them.De Soto was educated in Switzerland, where he attended the International School of Geneva and then did post-graduate work at the Graduate Institute of International Studies in Geneva. in 2007 with the title rank of Assistant Under-Secretary-General; his last position was as the UN Special Coordinator for the Middle East Peace Process. Between 19, he and the Institute for Liberty and Democracy (ILD) were mainly responsible for some four hundred initiatives, laws, and regulations that led to significant changes in Peru's economic system.Since the fall of the Berlin Wall, responsible nations around the developing world have worked hard to make the transition to a market economy, but have in general failed.