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  3. What is it that keeps the developing world in an apparent state of perpetual poverty? Poor education, lack of basic medical care

What is it that keeps the developing world in an apparent state of perpetual poverty? Poor education, lack of basic medical care

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问题     What is it that keeps the developing world in an apparent state of perpetual poverty? Poor education, lack of basic medical care, and the absence of democratic structures all certainly contribute to these nations’ plight. However, according to Peruvian economist Hernando de Soto, the overriding cause is the overwhelming prevalence of black market activity, well outside the formal economy, in these countries. The losses incurred from this condition are twofold. First, they deny the government tax revenues which could be used to improve education, medical treatment, and government efficiency. More important, however, they deny earners the chance to accumulate assets recognized by law and thus prevent them from leveraging those assets to borrow. Reforming these nations’ legal systems in order to confer ownership through tilting, de Soto argues, would help the poor there access the assets their work should be generating. These assets could then be used to buy homes and construct businesses, thus building a more stable and prosperous economy. De Soto estimates the value of these assets, which he terms "dead capital, "at nearly $ 10 trillion world wide.
    De Soto is not the first to locate the developing world’s problems in the domain of property rights. Others have tried property rights reform and failed. According to de Soto, this is because his predecessors attempted to model their plans on existing, successful property rights systems. In other words, they tried to transplant American and British property law to an inhospitable host. De Soto argues that, within many of the extralegal markets of the developing world, mutually agreed upon rules for distributing assets and recognizing property rights already exist. Rather than force these markets to adjust to a new, foreign system of property tilting, reformers should focus on codifying the existing systems wherever it is practical to do so. This would facilitate a quicker, more natural transition to an economy that builds wealth rather than squanders it.
The term" dead capital" refers to
选项 A、loans that are never repaid
B、failed investments in new businesses
C、cities ruined by over-industrialization
D、the proceeds of extralegal commerce
答案D
解析 术语dead capital是指不受法律制裁的商业收入。德索托把these assets叫做dead capital。在第一段前面，作者提到black market activity(黑市活动)，所以答案是D。
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