▁his ▁theory ▁does ▁not ▁offer ▁anything ▁new ▁compared ▁to ▁traditional ▁land ▁reform . ▁" De ▁S oto ’ s ▁proposal ▁is ▁not ▁wealth ▁transfer , ▁but ▁wealth ▁legal ization . ▁The ▁poor ▁of ▁the ▁world ▁already ▁possess ▁tr ill ions ▁in ▁assets ▁now . ▁De ▁S oto ▁is ▁not ▁distrib uting ▁capital ▁to ▁anyone . ▁By ▁making ▁them ▁liquid , ▁everyone ’ s ▁capital ▁pool ▁grows ▁dram atically ". ▁While ▁anal ys ing ▁Sch ae fer ' s ▁arguments , ▁Roy ▁writes , ▁" de ▁S oto ’ s ▁ideas ▁are ▁sed uct ive ▁precisely ▁because ▁they ▁only ▁guarantee ▁the ▁latter , ▁but ▁in ▁doing ▁so ▁promise ▁the ▁former ". ▁ ▁What ▁differenti ates ▁de ▁S oto ▁from ▁his ▁prede cess or ▁is ▁his ▁attempt ▁to ▁include ▁non - ag ric ult ural ▁land ▁in ▁the ▁scheme ▁of ▁reform ▁and ▁emphas izing ▁in ▁formal ization ▁of ▁existing ▁inform al ▁possession . ▁His ▁emphas is ▁on ▁title ▁formal ization ▁as ▁the ▁only ▁reason ▁behind ▁economic ▁growth ▁in ▁the ▁United ▁States ▁has ▁been ▁subject ▁to ▁criticism . ▁Property ▁formal ization ▁in ▁America ▁may ▁have ▁happened ▁as ▁a ▁result ▁of ▁different ▁reasons ▁including ▁establishment ▁of ▁law ▁and ▁order , ▁increased ▁state ▁control , ▁greater ▁institution al ▁integration , ▁increased ▁economic ▁efficiency , ▁increased ▁tax ▁re venue , ▁and ▁greater ▁equality . () ▁The ▁argument ▁for ▁private ▁and ▁often ▁individual ist ▁property ▁regime ▁comes ▁under ▁the ▁question ▁of ▁soci etal ▁legit im acy , ▁may ▁not ▁be ▁just ified ▁even ▁if ▁de ▁S oto ▁eyes ▁bringing ▁an