July 19, 1999 Video Collection

Enrique Ghersi on the Latin American Underground Economy

Enrique Ghersi is an attorney in Lima, Peru, and one of the key people who prepared the intellectual ground for the shift toward, and acceptance of, free markets in Latin America. He is coauthor, with Hernando de Soto, of The Other Path.

In this video, Ghersi speaks at a meeting of the International Society for Individual Liberty in 1999 in Costa Rica. He talks about the necessity of informal or underground economies in Latin America — those markets that exist to perform legal functions by illegal means (such as street sellers that aren’t licensed by the state). Towards the end of his talk, Ghersi transitions into describing the state of liberty generally in Latin America and expresses hope that the 21st century will be kinder to Latin America than the previous century was.