Prosperity Unbound

Prosperity Unbound: Building Property Markets with Trust (Palgrave Macmillan)

by:  Elena Panaritis

foreword by: Francis Fukuyama

Dear All,

Today more than 4 billion people live and work in informality. From a fruit vendor in New York City investing money into his non-licensed stand to a family in Mexico investing what little money they have into their unregistered (informal) home — this phenomenon afflicts both the developed and developing markets. In property markets alone, over nine trillion dollars of the world’s wealth is trapped in the informal market.

Prosperity Unbound presents an analytical solution- ‘reality check analysis’- that provides the tools for how to transform informal property into real wealth – what I call “unreal” estate into real estate. This solution was successfully implemented in Peru during the 1990s, and as a result, within three years more than 6 million people became part of the formal economy. This translated into both economic and social returns: property values increasing more than 3 fold; on-property private investment increasing more than 70%; security of ownership increased by more than 90%; possibility of engaging child labor reduced by 28%, among others.

With the amount of discussion that is happening both domestically and internationally about the precariousness of the real estate market, the growth of poverty, and of distressed communities, an interest in the value of global informal property markets grows steadily. I am determined to bring awareness of the issue and its solutions to policy-making, financial, and other rightfully concerned groups by sharing my documentation on the reasons for the rise of “unreal” estate and its possible solution.

During some of my recent book presentations at University of Pennsylvania, Wharton School, the Microfinance Club of New York, the International Private Entrepreneurship Club, the business school community of New York, I gave examples of informal property markets such as New Orleans where many residents refused to leave their homes after Hurricane Katrina hit because they lacked formal ownership documentation. Discussion touched on the land grabbing anarchy taking place in Zimbabwe and it did not shy away from the exorbitant levels of corruption in Eastern Europe and the Balkans, all based on the weak enforcement of property rights systems and management. The precariousness of the US property market was not left out especially regarding those disenfranchised that seem to be stuck in a culture of tenancy rather one of secure ownership.

The book tour is visiting London on July 1, addressing a group of bankers, economists, and entrepreneurs active in development finance and property rights at the European Bank for Reconstruction and Development (EBRD). For upcoming events please visit prosperityunbound.com. For radio interview please visit Julia Taylor Roundtable.

I look forward to engaging more people interested in this topic and look forward to continuing to answer questions.

Sincerely,

Elena