▁host ▁of ▁other ▁economic ▁activities ▁that ▁drive ▁a ▁modern ▁market ▁economy . ▁ ▁Work ▁and ▁research ▁▁ ▁Since ▁ 2 0 0 8 , ▁De ▁S oto ▁has ▁been ▁ref ining ▁his ▁th esis ▁about ▁the ▁importance ▁of ▁property ▁rights ▁to ▁development ▁in ▁response ▁to ▁his ▁organization ' s ▁find ings ▁that ▁a ▁number ▁of ▁new ▁global ▁thre ats ▁have ▁" property ▁rights ▁dist ort ions " ▁at ▁their ▁root . ▁ ▁In ▁ess ays , ▁that ▁appeared ▁from ▁early ▁ 2 0 0 9 ▁into ▁ 2 0 1 2 ▁in ▁media ▁out lets ▁in ▁the ▁U . S . ▁and ▁Europe , ▁De ▁S oto ▁argued ▁that ▁the ▁reason ▁why ▁the ▁U . S . ▁and ▁European ▁econom ies ▁were ▁m ired ▁in ▁re cess ion ▁was ▁the ▁result ▁of ▁a ▁" know ledge ▁crisis " ▁not ▁a ▁financial ▁one . ▁▁ ▁" Cap ital ism ▁lives ▁in ▁two ▁world s ," ▁De ▁S oto ▁wrote ▁in ▁the ▁Fin an cial ▁Times ▁in ▁January ▁ 2 0 1 2 . ▁" There ▁is ▁the ▁visible ▁one ▁of ▁pal m ▁trees ▁and ▁Pan aman ian ▁ships , ▁but ▁it ▁is ▁the ▁other ▁– ▁made ▁up ▁of ▁the ▁property ▁information ▁c oc oon ed ▁in ▁laws ▁and ▁records ▁– ▁that ▁allows ▁us ▁to ▁organ ize ▁and ▁understand ▁fragments ▁of ▁reality ▁and ▁join ▁them ▁cre atively ." ▁De ▁S oto ▁argued ▁that ▁the ▁knowledge ▁in ▁those ▁public ▁memory ▁systems , ▁which ▁" help ed ▁Capital ism ▁triumph ," ▁was ▁dist orted ▁over ▁the ▁past