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16 June 2005

Second Life and the virtual property boom from Guardian Unlimited: Gamesblog

Although not what the article actually talks about, this quote caught my attention:

Why is it that Western capitalism sometimes seem to work and sometimes it doesn’t? Western capitalists would say that some developing countries have everything associated with Western capitalism, but why do they still have a low GDP? DeSoto concludes that the answer starts at the bottom, not at the top. What it all has to do with is land. The number one creator of new business in the US is second mortgage on property. The fundamental basis of a successful developing nation is property ownership. If people cannot own property, the wheels of western capitalism can’t turn from the bottom.