"How many investments could people in the United States and Western Europe have made without clearly defined and secure property rights, a system of extracontractual civil liability, and a system of justice which protected their property? How many innovations would they have made without patents or royalties? How many assets, long-term projects, and incentives for investment would they have managed to create without enforceable contracts? How many risks would they have run without limited liability systems and insurance policies? How much capital would they have accumulated without enforceable guarantees? How many resources would they have been able to pool without legally recognized business organizations? How often would they have gone bankrupt and had to start all over again if they had not been able to convert their debts into shares?" Hernando de Soto