OPINION - COMMENTARY
How to Beat China and Help the World’s Poor
A plan to unleash the power of ownership by formalizing capital in the informal economy.
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By Hernando de Soto
Aug. 11, 2020 1:42 pm ET
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A proxy for the contest between American and Chinese capitalism will take place in developing countries, where institutions are manifestly not coping with the economic recession triggered by Covid-19. The two billion people who work outside the global financial system in the informal economy suffered a 60% drop in income in the first month of the crisis, according to an April press release from the United Nations’ International Labor Organization. Guy Ryder, the agency’s director-general, said: “Millions of businesses around the world are barely breathing. They have no savings or access to credit.” Without help, “these...
READ MORE: https://www.wsj.com/articles/how-to-beat-china-and-help-the-worlds-poor-11597167742?mod=hp_opin_pos_3
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