De Soto Interviewed
Hernando De Soto offers his views in this interview
it takes you 549 days to get a license to operate a bakery in Egypt and that is with a lawyer. Without a lawyer, it takes about 650 days. In Honduras, it costs an individual entrepreneur 3.765 dollar and 270 days to legally declare, register, and start up a business.
To create a mortgage in Mexico it takes 2 years. It takes 17 years to get a title on a house in Egypt; in Peru it used to be 21 years before we corrected that, and in the Philippines it’s 24 years.
…People in the so-called informal economy are the biggest entrepreneurial class in the world. There are more entrepreneurs in any Third World country than there are in the rich countries.
For Discussion. What is different about being an entrepreneur in the Third World vs. in the rich countries?