Category: Retired

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50 Things That Made the Modern Economy - Property Register

Ensuring property rights for the world's poor could unlock trillions in ‘dead capital’. According to Peruvian economist Hernando de Soto, the value of extralegal property globally exceeds 10 trillion dollars. Nobody has ever disputed that property rights matter for investment: experts point to a direct correlation between a nation’s wealth and having an adequate property rights system. This is because real estate is a form of capital and capital raises economic productivity and thus creates wealth. Mr de Soto's understanding – that title frees up credit, turning ‘dead capital’ into ‘live capital’ – has prompted governments in other countries to undertake large-scale property-titling campaigns. Voting for the 51st Thing has now closed. The winning “thing” will be revealed on Saturday 28 October 2017. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Hernando de Soto, Credit: Getty Images)
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50 Things That Made the Modern Economy - Searching for 51

The extra “thing” – what should it be? Shortlist: the credit card, glass, GPS, irrigation, the pencil and the spreadsheet. Voting for the 51st Thing has now closed. The winning “thing” will be revealed on Saturday 28 October 2017. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Montage of pencil, credit card, glass, spreadsheet, GPS, irrigation, Credit: Getty Images/Shutterstock)
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50 Things That Made the Modern Economy - Management Consulting

Managers often have a bad reputation. What should we make of the people who tell managers how to manage? That question has often been raised over the years, with a sceptical tone. The management consultancy industry battles a stereotype of charging exhorbitant fees for advice that, on close inspection, turns out to be either meaningless or common sense. Managers who bring in consultants are often accused of being blinded by jargon, implicitly admitting their own incompetence, or seeking someone else to blame for unpopular decisions. Still, it’s lucrative. Globally, consulting firms charge their clients a total of about $125bn. Voting for the 51st Thing has now closed. The winning “thing” will be revealed on Saturday 28 October 2017. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Business team present, Credit: Shutterstock)
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50 Things That Made the Modern Economy - Double-entry Bookkeeping

Luca Pacioli was a renaissance man – he was a conjuror, a master of chess, a lover of puzzles, a Franciscan Friar, and a professor of mathematics. But today he’s celebrated as the most famous accountant who ever lived, the father of double-entry bookkeeping. Before the Venetian style of bookkeeping caught on, accounts were rather basic. An early medieval merchant was little more than a travelling salesman. He had no need to keep accounts – he could simply check whether his purse was full or empty. But as the commercial enterprises of the Italian city states grew larger, more complex and more dependent on financial instruments such as loans and currency trades, the need for a more careful reckoning became painfully clear. In 1494 Pacioli wrote the definitive book on double-entry bookkeeping. It’s regarded by many as the most influential work in the history of capitalism. And as the industrial revolution unfolded, the ideas that Pacioli had set out came to be viewed as an essential part of business life; the system used across the world today is essentially the one that Pacioli described. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Handwritten accounting ledger, Credit: Suntezza/Shutterstock)