The result is these enormous obstacles to come inside the legal system, and these enormous obstacles to be able to foreclose credit, foreclose markets, and actually do transactions legally for the majority of the population of the citizens of those countries. I was struck by that part of your book. You see this informal market or underground market or however one wants to term it as really dynamic. You've got it absolutely right. It depends how you look at things.
People tend to think of black markets only in negative terms.
But if you even think of the United States 150 years ago, California was divided into 800 illegal or extralegal jurisdictions that were created not according to Mexican law, not according to U.S. law, but according to contracts made by informal, extralegal, or black market miners who staked out the land. And on the basis of that, you built the wealth of the United States. In other words, you didn't inherit the common law, you actually built up your own system. What's happening in developing countries, it's their time. Most of these poor people have come into the market now, but what they lack are the legal mechanisms so as to create a modern market economy.