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were previously a part of extralegal system. This integrated legal property system protected property titles and relieved actors from carrying burdens of protecting their property interests and gave them the ability to concentrate on exploring the economic potential of their assets. This reform brought drastic changes by making assets fungible in the financial markets, by making actors accountable, and credit worthy.

Important points 重点
Mr. Soto's quote 'Capitalism without capital doesn't work' is the answer to his research.

'Capital is the force that raises the productivity of labor and creates the wealth of nations. It is the lifeblood of the capitalist system, the foundation of progress, and the one thing that the poor countries of the world cannot seem to produce for themselves, no matter how eagerly their people engage in all the other activities that characterize a capitalist economy.'

Common man get confused when they think about capital; they assume that capital and money to be the same concept. Whereas, money is only one of the many forms in which capital travels. This confusion happens because for us, it is always easier to remember a difficult concept in one of its tangible manifestations rather than in its essence. Money facilitates transactions, allowing us to buy and sell things, but can't regenerate itself, whereas, live capital has the capability to reproduce.

Undeveloped nations and former communist nations have large sums of capital, he gives examples of Egypt and Haiti, but that capital is not actively participating in their economic system. In order to bring that capital to life, these countries need to initiate necessary macroeconomic and legal reforms. These reforms should give a change to people to take part in both domestic and global economy and should also provide legal protection for their interests in property. These property interests must be tracked and documented under a standard legal system. This legal protection will make these assets widely fungible and transferable. According to him, without such legally enforceable and provable title to property, without a representational process which abides by law, these assets remain as lifeless capital. Such assets are unable to support credit and remain less attractive to any investors or purchasers. People in undeveloped or underdeveloped countries hold these resources or assets in defective forms; for example, houses or buildings built on land whose ownership property rights are not recorded, unincorporated businesses with vaguely or undefined liability, industries located in areas where prospective buyers or investors cannot reach them. Because the legal property rights of these possessions are not documented in an integrated system, they cannot be turned into live capital, cannot be traded beyond the limited local circles where actors trust each other, and cannot be kept as collateral. On the other hand in western countries, legitimate property can be easily used as collateral, as equity for investment; as an address for collecting taxes and bills; as a point for the identification of actors for commercial or judicial purposes; and as a point for charging for public utility services. These legal titles when incorporated into integrated property system can enhance the flow of information of these assets, significantly increase the purchasing power of owner, and expand transferability in a bro