New Land Reforms and Livelihood Initiatives - Some Theoretical Explanations

Abstract

The major reason why capitalism has triumphed in the West and fails to thrive everywhere else is that in the western nations assets in the form of land have been integrated into one formal legal ownership system. The recent initiative by the Rural Development Ministry to draft the National Right to Homestead Bill 2013 may be first viewed from the theoretical perspective provided by Hernando De Soto (2000), especially in terms of 'informality and extralegality' and 'documents that empower' concepts.