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Prosperity Unbound: Building Property Markets With Trust by Elena Panaritis

24 February 2017 adminReal Estate

By Elena Panaritis

This ebook is ready estate, informality and associations proper to either the constructed and the constructing global. the writer introduces a brand new analytical instrument, fact payment research, in keeping with idea and perform, and provides an answer to the long-standing challenge of casualness and to the systematic frustration with the problem.

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The analysis may point out that formal institutions which – at the time of their inception – might have served all or part of society’s needs no longer do so. Institutions may have broadened or, as we see most often, may no longer serve any of society’s needs. Other rules, especially formal rules, may be imported, imposed or adapted in ways that aren’t appropriate for the local reality. Asking the right questions is as important as getting the right answers. Too often, reformers conclude that when organizations aren’t working correctly, this is due to a failure to keep up 40 Prosperity Unbound IDENTIFY Identify and isolate the problem What are the relevant institutions and organizations?

Two important concepts must follow. Policymakers must see institutions as they are: rules that define and guide socioeconomic human behavior. And, they must see organizations and agencies as tools to implement those rules, not as ends in themselves. This book will show that transforming unreal assets to real ones offers opportunities to all parties involved – the state, citizens, and investors – provided they have an appropriate vision and can take a long-term view and position. The coming chapters will identify the necessary elements for a successful transformation from the “unreal” to the real, and present the ingredients and strategy of such action.

Economists describe the “original sin” of countries that have a history of this phenomenon – a phenomenon that destroys rep- Policy and Politics of Land and Property 29 utation with effects in the financial markets. 22 For “sinners,” policy fixes for their economic fundamentals and current practices matter less than their history and reputation. Absent fiscal discipline, public policy in these countries became hostage to political agendas. Trust in governments declined in the face of entitlements, inefficiencies and corruption.

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