Today, we sit with globally influential economist Charles Calomiris at the foothills of the Acropolis in Athens, Greece, to discuss the foundations of economic development. In this 20-minute video podcast, Calomiris draws on decades of research and policy advise on economic equilibria, and international finance to deliver a compelling reality check on why secure property rights are the bedrock of development!
He explains how informality traps millions in poverty, why organizations often fail to deliver on paper promises, and how trust, leadership, and long-term vision can break entrenched cycles of corruption.
We discuss how the Reality Check Analysis (RCA) framework, a practical tool for identifying the real levers of meaningful and lasting reform.
Time Stamps:
1:10 Who is Charles Calomiris.
1:35 Has capitalism failed?
4:59 We used to have poverty now we have growing informality 70% and growing. Why? Why are economists confused? Why are Property Rights important?
6:47 The mission of the Development Organizations IMF and World Bank.
8:25 They have become the slush fund of the G7 finance ministers.
11:01 Brazil - The transformation
13:13 How should leaders operate in order to achieve irreversible change.
15:00 Peru – The growth of its middle class.
16:50 Democracy today is often clientelist. What is a corrupt equilibrium and how Property Rights help change it.
18:58 Greece – look around at what works and learn from it.
21:53 Reality Check Analysis RCA – keeps decision makers sober to create Trust.