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that operate among the people in the favela.
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They don't have formal documentation for them,
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so it is informal property.
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Every building in New Haven is formal property,
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even community gardens are formal property.
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There is a deed written down, you can trace it,
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and you can show it to a bank.
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de Soto's major idea
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is that informal property is dead capital,
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and formal property where the power of the state
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stands behind your ownership is live capital.
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His claim is that poor people in developing societies