ALFREDO ESTRELLA/AFP/GETTY IMAGES
WASHINGTON – Chile has just taken a bold step to promote innovation that should be copied by all other Latin American countries.
In order to encourage entrepreneurs to start new businesses and not be paralyzed by the fear of failure, it has put into effect a new bankruptcy law that eliminates many of the burdens of insolvency.
It may seem like unexciting news, but in Latin America — where draconian bankruptcy laws often turn business people who file for bankruptcy into economic and social pariahs — the repeal of draconian bankruptcy laws could be a major step to spur innovation and economic development.
Judging from what I learned over the past four years, while I was doing research for a just-published book on innovation in Latin America, ruthless bankruptcy laws are among the biggest obstacles to entrepreneurship and innovation in the region.
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Etiquetas: Latin America, Miami Herald, oppenheimer
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