Because formal ownership systems do not exist in developing countries, the poor people in these nations cannot develop. They cannot use their land as a guarantee to the bank to get money to build something, for example. De Soto argues that this is the basis for enterpreneurship. In much of the developing world,famers therefore are left with subsistence agriculture. As such, he argues that this informal ownership should be made formal, for example by giving squatters in shanty towns land titles to the land they now live on.
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