For immediate release
January 29, 2010

Media contact: Amy Allsopp, 206.373.7156

SEATTLE, WA – At an event hosted by Seattle-based Initiative for Global Development (IGD), renowned economist Hernando de Soto argued that property rights and rule of law are keys to long-term global poverty reduction.

“In most developing countries, the vast majority of people live outside the legal economy,” said de Soto. “Because they lack property rights, they cannot access capital or credit, so they cannot grow their businesses. Without a legal framework, the market system fails.”

“Poor countries cannot prosper and operate properly without the rule of law,” de Soto said. “We must create laws that work for everyone, that give everyone the opportunity to participate in the global economy.” De Soto and his Institute for Liberty and Democracy provide assistance to help developing governments furnish their citizens with fundamental legal tools so they can participate in both local and international markets.

“IGD is honored to host Hernando de Soto to talk about the importance of rule of law in developing countries,” said Jennifer Potter, IGD President & CEO. “IGD’s network of business leaders strongly supports solutions like Mr. de Soto’s, which enable faster economic growth and greater poverty reduction.”

About the Initiative for Global Development: IGD is an alliance of business leaders that champions effective solutions to global poverty. IGD works to advance economic opportunity around the world by supporting U.S. development policies that create an environment where private enterprise can thrive. In addition, IGD works directly with business leaders in developing countries to increase growth and investment that reduces poverty.