Twenty-niNE years ago when Hernando de Soto arrived in Arequipa, Peru, he was struck by what he saw. So many small entrepreneurs in his birthplace in Lima were working hard yet they were unable to free themselves from the shackles of poverty. “In Europe, they would be successful and rich,” said de Soto.

De Soto was then only 38 years old. Moved by what he saw, de Soto decided to make an experiment by setting up a garment business with two se