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Hernando de SotoPeruvian economist
Country:
 Peru |
Content:
Biography of Hernando de Soto
Hernando de Soto is a Peruvian economist renowned for his research on the informal economy and the importance of business and property rights. He currently holds the position of President at the Institute for Liberty and Democracy (ILD) in Lima, Peru.
Early Life and Education
De Soto was born in Arequipa, Peru. His father was a prominent diplomat who fled to Europe with his wife and two sons after the events of 1948. De Soto pursued his education in Switzerland, where he completed his doctoral studies at the Institute of International Studies in Geneva.
Career
After completing his studies, de Soto worked as an economist, consultant, and corporate manager. At the age of 38, he returned to Peru along with his younger brother Alvaro, who followed in their father's footsteps and became a diplomat. De Soto held various high-level positions throughout his career, including economist for the General Agreement on Tariffs and Trade, President of the Council of Copper Exporting Countries, Managing Director of the Universal Engineering Corporation, Director of a consulting group at a Swiss bank, and Head of the Central Reserve Bank of Peru.
De Soto's career also included serving as an advisor to President Alberto Fujimori and later to President Alan Garcia. He played a crucial role in promoting a free trade agreement between Peru and the United States. Currently, de Soto serves as the President of the ILD and focuses on developing and implementing significant economic projects for countries in Africa, Asia, Latin America, the Middle East, and former Soviet Union members. His agency has been sought after by leaders of approximately 30 different nations.
Awards and Recognition
De Soto's remarkable accomplishments have been recognized with numerous awards. He was named one of the "5 Most Outstanding Latin American Innovators of the Century" by Time magazine in May 1999 and was included in the magazine's list of the "100 Most Influential People in the World" five years later. Forbes magazine also acknowledged de Soto as one of the "15 Innovators Who Will Reinvent Your Future". American presidents, regardless of their political affiliation, have praised de Soto's works. Former President Bill Clinton referred to him as the greatest living economist, and according to George H. W. Bush, de Soto's plan for economic measures provided a simple and understandable alternative to what seemed like inevitable economic stagnation. Even Ronald Reagan, a predecessor to these presidents, recognized de Soto's incredible talent, stating that his research on the free market was an exploration of the only correct path for global economic development.
