INSEAD Library

Includes bibliographical references and index

Prosperity Unbound presents an innovative approach to resolving the ambiguity of the "informal" contracts that affect property ownership in many developing countries. It illustrates how informality in property can be treated as an opportunity to unlock the potential for business expansion, economic growth, social cohesion and wealth creation for the lower and middle classes in many places. The book provides a timely overview of a problem that globalization has made an ever more important issue for investors, managers and policy makers alike.

Digitized

Prosperity Unbound Building Property Markets With Trust Contents List of Figures Foreword by Francis Fukuyama Prologue by Frannie Léautier Introduction: Why have I written this book? 1 Informality and Unreality ix xi xv xvii 1 Why are informai markets more prevalent in some countries than in others? The role of history Institutions, organizations and property rights "Unreal Estate" Transforming the "Unreal" to Real 2 Policy and Politics of Land and Property 4 7 9 11 13 15 Adopting or creating institutions? Forgotten pieces in the Cold War chess game A segmented world Macroeconomic reform was not enough The limits of what we had to work with Looking backward before going forward Reality Check Analysis 3 Tipping Points 18 23 25 31 33 35 38 45 Trust makes property rights reliable The ingredients of a secure property rights system The importance of a reliable recording system Socioeconomic benefits 48 53 56 58 4 A Transformation Begins 67 The beginning of change Getting to the diagnosis Getting doser to reality A "melting pot" that had not quite done the job The 1969 Agrarian Reform's social revolution A new kind of "protection" Taking advantage of a new opportunity for change Further questions lead to best design Drawing the solution Special interests seek to undermine reform 5 Results through Partnerships 70 74 76 78 82 87 88 91 93 96 101 Measuring the impact Transformation sticks when there is trust What to look for in a partner 6 Solving the Puzzle 106 112 116 125 A holistic solution to the jigsaw puzzle The when and how of strategy How much of a "stomach" does the reformer need to have? The design The high price of ignoring institutions Acknowledgments Notes Bibliography Index 126 129 132 133 135 145 149 161 177