Hernando de Soto (economist)

Hernando de Soto Polar (commonly known Hernando de Soto /dəˈsoʊtoʊ/; born 2 June 1941) is a Peruvian economist. He is known for his work on the informal economy and on the importance of business and property rights. He is the current president of the Institute for Liberty and Democracy (ILD), a think tank devoted to promoting economic development in developing countries located in Lima, Peru.

In Peru, de Soto's advisory has been recognized as inspiring the economic guidelines—including the loosening of economic regulation, the introduction of austerity measures and the utilization of neoliberal policies—that were ultimately adopted by the government of Alberto Fujimori and established in the 1993 Constitution of Peru. De Soto would go on to support Alberto's daughter, Keiko Fujimori, serving as an advisor during her presidential campaigns. De Soto worked closely with various Peruvian governments, even serving as a negotiator for the Peru–United States Trade Promotion Agreement. After years of speculation, de Soto ran for the Peruvian presidency in the 2021 presidential election, placing fourth in an atomized race of 18 nominees. He subsequently held meetings with Pedro Castillo during his administration, asked Dina Boluarte to resign from the presidency during the social unrest, and attempted to run in the 2026 elections for the Progresemos party, although he ultimately withdrew his candidacy.

Internationally, de Soto helped inspire the Washington Consensus macroeconomic prescriptions and was credited by economist John Williamson, who coined the consensus' name. He also supported the creation of the North American Free Trade Agreement (NAFTA), with George H.W. Bush praising his promotion of free trade when announcing the North American agreement. Other heads of state have recognized de Soto, including Bill Clinton, Vladimir Putin, Emmanuel Macron, Ronald Reagan and Margaret Thatcher. The ILD has received praise from other people including Nobel laureate Milton Friedman, World Bank President James Wolfensohn, and former UN Secretary-General Javier Pérez de Cuéllar.