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What accounts for the difference between economic activity in the United States and in the developing world? Economist Hernando de Soto explores the concepts of capitalism and globalization in Tanzania and Peru, where most businesses operate outside the legal system.
The spirit of entrepreneurship is not unique to the Western world; nor is the concept of property. However, globalization involves an abstract system of property rights that allows people to deal in symbols. Visiting the Chicago Mercantile Exchange, Markets Without Borders demonstrates the advantages of the institutions that we take for granted. De Soto shows that in large parts of developing countries, these institutions do not exist. As people flood to the big cities looking to participate in globalization, he argues, governments need to find ways to give them access to the rule of law and property rights.
This is the best of many good videos from Izzit on the topics of globalization, capitalism, and the rule of law. Hernando De Soto does a superb job in explaining the role of each of these and their importance in the development of nations around the world. Highly recommended.
Damian Holmes Social Studies - 9,10,11,12 Salem High School, Conyers, GA
This video is a great resource to use in my course's exploration of economic globalism. It was helpful in dispelling myths about the problem of globalization and in provoking thought about possible solutions.
Alicia Hall History - 11 Tilden Middle School, N Bethesda, MD
I like how Hernando de Soto breaks down complicated concepts into simple to understand explanations for students.
Kathy Lehrmitt Business/Voc/Tech - 9,10,11,12 O. H. Platt High School, Meriden, CT
Students found the video intriguing to watch and compelling. They did not know people around world do not have the same access to products that are easily available to anyone in this country, or other developed countries. Spurred dicussions on the differences of capitalism and socialist economies and why things were so different.
Salvatore Orlando Economics - 11 Oak Park Prepartory Academy, OAK PARK, MI
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izzitPLUS members on the izzitPLUS page.
