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imination of restraints on foreign and local competition and relatively favorable risk vs. reward ratios are required. Harvard Prof. Bruce Scott in his book 'The Concept of Capitalism' emphasizes some of the important of these important factors that widely stifle growth and development in underdeveloped nations.

Mr. Soto elaborates on the development of property law in the United States from early squatters and colonial grantees. Since the procedures for obtaining legitimate title was a big hassle through the initial years of the 19th century, well -armed and numerous squatters forced local politicians to follow their orders. Politicians had no alternative and often found it in their best interest to establish occupancy right such as 'preemption.' Extralegal property arrangements such as 'cabin rights,' 'tomahawk rights,' and 'corn rights' were ultimately recognized and incorporated into the law. He does not mention that constitution of the United States was created to insure that government or other individuals do not abrogate an individual's property rights. The government is obligated to act as a servant, and serves to protect individual property rights. He does not mention any such details about European nations, how their property system evolved, how they incorporated their extralegal systems into their integrated legal property system.

Mr. Soto points out that the leaders of undeveloped nations are missing the phenomenon that people are spontaneously and continuously organizing themselves into distinct extralegal groups until the administrative departments of the government can provide them with an integrated legal property system. He believes that, in most of undeveloped nations, the leaders do not care whether people of their country live or die, they concentrate on their own and their supporters' well-being and self-interests. This belief may not be true for all leaders of undeveloped nations. Their direction and policy may be wrong, but it is difficult to judge their willingness to pull their country out of poverty. India being a democratic country has had very limited success in removing corruption and bureaucratic obstacles also known as 'red tape'. On the other hand, the leaders may be despots but still ensure the progress of their country, for example, Singapore, Chile, and China.

Mr. Soto points out that almost all property owners would be willing to assume modest taxes if becoming legitimate did not overburdened them with many other difficulty and costs. This can only be true if those businesses can operate more profitably legitimately even after paying taxes, otherwise, they may not have any incentive to integrate themselves into their legal property system.

Conclusion 结论
Mr. Hernando de Soto's book gives some insights about the initiation of a process known as economic development of a nation by forming an integrated legal property system, but simply giving legal titles to owners' assets is not enough. The development of western nations happened because of the confluence of many factors over the period of two centuries. Many political, social, and economic reforms were required to bring the capital of western countries to life. Effective economic governance institutions, policies, and enforceable rule of law which secures individual rights are as essential preconditions for economic development as legalization of assets or property. In other words, the real p