Taking a New Look at U.S.’ Foreign Giving
- Share via
Re: “Amid Middle East Strife, a New Focus on Economies,” James Flanigan, March 17:
I hope you can give some “ink” to the solution proposed by Hernando de Soto, president of the Institute for Liberty and Democracy in Lima, Peru.
In essence, his concept is to ultimately eliminate the need for foreign aid on the part of the U.S. There is so much potential for internal growth and capital creation in these areas.
However, the legal processes in place make it virtually impossible for ordinary people in these countries to create and expand capital.
De Soto illustrates in elaborate process maps that it typically takes 15 to 20 years to work through the steps to simply own one’s home. This, of course, is the capital base needed to start the process of internal capital expansion.
It also takes 15 to 20 years to (legitimately) own and operate a business in these countries. In the underground, little or no expansion is possible.
If these processes were to be improved, the capital growth in these countries would grow to the point that our foreign aid would no longer be needed.
John Pryor
Bakersfield
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
More From the Los Angeles Times
Podcasts
John Orr was a renowned fire investigator who was also a prolific arsonist, and whose thinly veiled novel helped to convict him. In this episode we hear from the fire captain who first suspected him—and from Orr himself.
Tom Girardi was a legal legend—until he was found guilty of stealing millions from his own clients. Host Madison McGhee and pop culture commentator Kiki Monique unpack how his downfall became a Real Housewives scandal, and what Erika Jayne may or may not have known. Plus, L.A. Times reporter Harriet Ryan joins to share how she helped bring Girardi’s crimes to light.
Sammy Roth visits America’s second-largest nuclear plant, Arizona’s Palo Verde Generating Station, and sits down with three experts to explore the pros and cons of atomic energy.
