Carlos Lozada

Carlos Lozada is a former senior editor at Foreign Policy magazine.

Recent Articles

Trouble in the High Command

The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the IMF By Paul Blustein. Public Affairs, 431 pages, $30.00 T here's nothing like a nice vacation to take your mind off looming global financial meltdown. Just ask former U.S. Treasury Secretary Robert Rubin, who sneaked away for a fishing trip to the British Virgin Islands as the South Korean economy teetered on the verge of default in December 1997. Or Central Bank of Russia boss Sergei Dubinin, who took some personal time in Italy just as the Russian ruble was crumbling in August 1998. Or Stanley Fischer, the former deputy managing director of the International Monetary Fund (IMF), who was enjoying a family holiday on the Greek island of Mykonos that same month when the Russians hit ruble trouble (although he cut his trip short to help them through the currency woes). The series of crises that battered the world economy during the late 1990s--in Asia, Russia, Brazil, and the United States--...

Poverty Solved: No Muss, No Fuss

The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else , Hernando de Soto. Basic Books, 276 pages, $27.50. S olving third-world poverty is the alchemy of economics. For decades international-development specialists have searched for the magical combination of programs and policies that would transform poor countries into rich, advanced economies. But all the recent formulas--including micro-enterprise loans, infrastructure investments in roads and bridges, and "human capital" spending in health and education--have failed to produce gold. Peruvian economist Hernando de Soto concocts the latest antipoverty potion in The Mystery of Capital, in which he argues that the establishment of property rights for the urban poor is the key to economic revival in developing countries. Gushing reviews have affirmed de Soto's position as the darling du jour of the global-development crowd. Some observers are touting the author as a possible Nobel Prize candidate, while...