CGD in the News

Property Rights & Arab Spring (The Atlantic)

December 07, 2011

The center was mentioned in an Atlantic article on the Arab Spring.

From the Article

This morning, The Atlantic hosted a forum on high-growth business (video should be posted on the site later for those interested) and I got to moderate the first session -- where Gallup Chairman & CEO Jim Clifton hammered on the point that despite the economic fragility and doldrums of the US economy today, America's system of laws, particularly contract law, creates a base for entrepreneurs unmatched in the world.

Clifton said that prevalent corruption in many places around the world -- the forced forfeiture of property that entrepreneurs develop which ends in the hands of a government official's cousin or son -- compels small firms to sell out before the government takes what they have.

Clifton was quick to note that the sub-prime crisis and the lack of accountability in that fraud were a problem for the US -- but largely, America led the rest of the world on legal protection for business owners by leaps and bounds.

Along these lines, I just read this segment of a piece by Peruvian economist and property rights evangelist Hernando de Soto that recently ran in the Financial Times. The piece is called "The Free Market Secret of the Arab Revolutions":

Read it here.