Harnando de Soto argued, however, "the poor are doing better than we think they are." While he did not say no housing projects should be undertaken, he said the poor hold more in real estate assets than most would realize.

Outlining a global study undertaken, de Soto said it isn't that the poor lack real estate, but the liquidity to use as collateral. He argued that in developed nations, the difference between the metaphysical concept of capital and the solid existence of real estate is bridged in that the real estate's true value is not in the soil or the building on it, but the titles and paperwork that assign legitimized value to it.

While quoting Kant's theory that humans can only deal with issues in representations, he joked that while in Indonesia he was inclined to believe the dividing line between property and claim to ownership could be determined by "which dog was barking" as one passed. If one wants to establish who owns what, de Soto jestingly suggested, "ask Indonesia's dogs."

His thesis met with concern, as even Ambassador Mahbubani commented, "I don't know whether to feel optimistically or pessimistically after hearing you speak." One audience member from an African delegation responded to de Soto's comments, saying, "It's a dazzling theory, but a dangerous one. I'm getting increasingly concerned." His impassioned comments about the flaws of capitalism and the plight of the poor led to an emotional, and increasingly heated, debate, which closed the meeting.