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extended families； and everyone is working and saving to get to 〃the right side of
the tracks。〃 On the Chinese streets； there's no rule of law； but the roads are all
well paved；there are no potholes； and the streetlights all work。 Onthe Indian streets；
by contrast； no one ever repairs the streetlights； the roads are full of ruts； but
the police are sticklers for the rules。 You need a license to open a lemonade stand
on the Indian streets。 Luckily； the local cops can be bribed； and the successful
entrepreneurs all have their own generators to run their factories and the latest
cell phones to get
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around the fact that the local telephone poles are all down。 Africa； sadly； is that
part of town where the businesses are boarded up； life expectancy is declining； and
the only new buildings are health…care clinics。
The point here is that every region of the world has its strengths and weaknesses；
and all are in need of reform retail to some degree。 What is reform retail？ In the
simplest terms； it is more than just opening your country to foreign trade and
investment and making a few macroeco…nomic policy changes from the top。 That is reform
wholesale。 Reform retail presumes you have already done reform wholesale。 It involves
looking at four key aspects of your society…infrastructure； regulatory institutions；
education； and culture （the general way your country and leaders relate to the
world）…and upgrading each one to remove as many friction points as possible。 The idea
of reform retail is to enable the greatest number of your people to have the best
legal and institutional framework within which to innovate； start companies； and
become attractive partners for those who want to collaborate with them from elsewhere
in the world。
Many of the key elements of reform retail were best defined by the research done by
the World Bank's International Finance Corporation （IFC） and its economic analysis
team led by its chief economist； Michael Klein。 What do we learn from their work？
To begin with； you don't grow your country out of poverty by guaranteeing everyone
a job。 Egypt guarantees all college graduates a job each year； and it has been mired
in poverty with a slow…growing economy for fifty years。
〃If it were just a matter of the number of jobs； solutions would be easy；〃 note Klein
and Bita Hadjimichael in their World Bank Study； The Private Sector in Development。
〃For example； state…owned enterprises could absorb all those in need of employment。
The real issue is not just employment； but increasingly productive employment that
allows living standards to rise。〃 State…owned enterprises and state…subsidized
private firms usuallyhave not delivered sustainable productivity growth； and neither
have a lot of other approaches that people assume are elixirs of growth； they add。
Just attracting more foreign investment into a country also doesn't automatically
do it。 And even massive investments in education won't guarantee it。
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〃Productivity growth and； hence； the way out of poverty； is not simply a matter of
throwing resources at the problem；〃 say Klein and Hadjimichael。 〃More important； it
is a matter of using resources well。〃 In other words； countries grow out of poverty
not only when they manage their fiscal and monetary policies responsibly from above；
i。e。； reform wholesale。 They grow out of poverty when they also create an environment
below that makes it very easy for their people to start businesses； raise capital；
and become entrepreneurs； and when they subject their people to at least some
competition from beyond…because companies and countries with competitors always
innovate more and faster。
The IFC drove home this point with a comprehensive study of more than 130 countries；
called Doing Business in 2004。 The IFC asked five basic questions about doing business
in each of these countries； questions about how easy or difficult it is to 1） start
a business in terms of local rules； regulations； and license fees； 2） hire and fire
workers； 3） enforce a contract； 4） get credit； and 5） close a business that goes
bankrupt or is failing。 To translate it into my own lexicon； those countries that
make all these things relatively simple and friction…free have undertaken reform
retail； and those that have not are stalled in reform wholesale and are not likely
to thrive in a flat world。 The IFC's criteria were inspired by the brilliant and
innovative work of Hernando de Soto； who has demonstrated in Peru and other developing
nations that if you change the regulatory and business environment for the poor； and
give them the tools to collaborate； they will do the rest。
Doing Business in 2004 tries to explain each of its points with a few colorful examples：
〃Teuku； an entreprenuer in Jakarta； wants to open a textile factory。 He has customers
lined up； imported machinery； and a promising business plan。 Teuku's first encounter
with the government is when registering his business。 He gets the standard forms from
the Ministry of Justice； and completes and notarizes them。 Teuku proves that he is
a local resident and does not have a criminal record。 He obtains a tax number； applies
for a business license； and deposits the minimum capital （three times national income
per capita） in the bank。 He then publishes the articles of association in the official
gazette； pays a stamp fee； registers at the Ministry of Justice； and waits 90 days
before filing for
social security。 One hundred sixty…eight days after he commences the process； Teuku
can legally start operations。 In the meantime； his customers have contracted with
another business。
〃In Panama； another entrepreneur； Ina； registers her construction company in only
19 days。 Business is booming and Ina wants to hire someone for a two…year appointment。
But the employment law only allows fixed…term appointments for specific tasks； and
even then requires a maximum term of one year。 At the same time； one of her current
workers often leaves early； with no excuse； and makes costly mistakes。 To replace
him； Ina needs to notify and get approval from the union； and pay five months'
severance pay。 Ina rejects the more qualified applicant she would like to hire and
keeps the underperforming worker on staff。
〃Ali； a trader in the United Arab Emirates； can hire and fire with ease。 But one of
his customers refuses to pay for equipment delivered three months earlier。 It takes
27 procedures and more than 550 days to resolve the payment dispute in court。 Almost
all procedures must be made in writing； and require extensive legal justification
and the use of lawyers。 After this experience； Ali decides to deal only with customers
he knows well。
〃Timnit； a young entrepreneur in Ethiopia； wants to expand her successful consulting
business
by taking a loan。 But she has no proof of good credit history because there are no
credit information registries。 Although her business has substantial assets in
accounts receivable； laws restrict her bank from using these as collateral。 The bank
knows it cannot recover the debt if Timnit defaults； because courts are inefficient
and laws give creditors few powers。 Credit is denied。 The business stays small。
〃Having registered； hired workers； enforced contracts； and obtained credit； Avik；
a businessman in India； cannot make a profit and goes out of business。 Faced with
a 10…year…long process of going through bankruptcy； Avik absconds； leaving his
workers； the bank； and the tax agency with nothing。〃
If you want to know why two decades of macroeconomic reform wholesale at the top have
not slowed the spread of poverty and produced enough new jobs in key countries of
Latin America； Africa； the Arab world； and the former Soviet Empire； it is because
there has been too little reform retail。 According to the IFC report； if you want
to create pro…
ductive jobs （the kind that lead to rising standards of living）； and if you want to
stimulate the growth of new businesses （the kind that innovate； compete； and create
wealth）； you need a regulatory environment that makes it easy to start a business；
easy to adjust a business to changing market circumstances and opportunities； and
easy to close a business that goes bankrupt； so that the capital can be freed up for
more productive uses。
〃It takes two days to start a business in Australia； but 203 days in Haiti and 215
days in the Democratic Republic of Congo；〃 the IFC study found。 〃There are no monetary
costs to start a new business in Denmark； but it costs more than five times income
per capita in Cambodia and over thirteen times in Sierra Leone。 Hong Kong； Singapore；
Thailand and more than three dozen other economies require no minimum capital from
start…ups。 In contrast； in Syria the capital requirement is equivalent to fifty…six
times income per capita 。 。 。 Businesses in the Czech Republic and Denmark can hire
workers on part…time or fixed…term contracts for any job； without specifying maximum
duration ofthe contract。 In contrast； employment laws in ElSalvador allow fixed…term
contracts only for specific jobs； and set t