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<p class="p2"><b>OUR MISSION</b></p>
<p class="p3"><i>Thought for Action’s</i> mission is to identify and remove economic and regulatory barriers that obstruct prosperity for all people across the globe.</p>
<p class="p2"><b>THE PROBLEM</b></p>
<p class="p3">Many countries, both developing and developed, face daunting challenges to sustaining economic growth. The formal systems and rules that exist in these countries are often responsible for preventing growth and pushing people to the margins of society. In this context, we tend to find the middle class on the verge of disappearing or barely in existence in the first place. Without a robust or developing middle class, prosperity for all members of society is stifled. This, results in growing income and wealth disparity between the haves and have-nots, an increasing marginalization of large segments of the population, a burgeoning informal economy, and all of this leads to an environment that fosters corruption.</p>
<p class="p3"><b>THE SOLUTION</b></p>
<p class="p3">To really affect sustainable growth we have to start at the core, addressing the broken systems and revaluating the rules that prevent millions of people from achieving their economic potential. It is proven that a tenacious focus on appropriately reforming inefficient rules and structures can stimulate economic growth, increase wealth at the base of the pyramid, and build up a strong middle class. With the appropriate application of reforms, we have the collective power to create opportunities and encourage the economic participation of all citizens.</p>
<p class="p2"><b>WHAT IS THOUGHT FOR ACTION?</b></p>
<p class="p3"><i>Thought for Action</i> is an Action Tank established as a non-profit organization, and launched in 2013 by economist and policy innovator, Elena Panaritis. With operations in the U.S. and the European Union, its goal is to provide a platform to address these issues and engage stakeholders from every level of society. By doing so, <i>Thought for Action</i> takes a bottom-up approach to identify broken regulatory systems that prevent economic growth and then promotes reform that enables all members of society to prosper.</p>
<p class="p3"><i>Thought for Action</i> is a non-partisan, network that gathers international policy and academic experts, with unique experiences in stabilizing countries under economic (structural) crisis. Drawing from specialized international, professional and on-the-ground experience with similar crises of the past, <i>Thought for Action</i> invests its efforts in opening dialogues, disseminating lessons learned, and creating necessary action policies and reforms that will address the needs of the poor and most marginalized members of society to promote growth in targeted countries (that have been hit by an economic crisis or are in the process of reforming).</p>
<p class="p2"><b>THOUGHT FOR ACTION’S APPROACH</b></p>
<p class="p3"><i>Thought for Action</i> provides a space for change makers, policymakers, investors, academics and citizens to exchange unconventional and innovative ideas related to tackling reform that will enable all members of society to prosper. It focuses on countries that have structural deficiencies to the point of halting growth, those at the risk of facing deep economic solvency crisis, and those that want to reform. The organization engages with governments that are challenged with long lasting poverty, those trapped in sub-optimal development levels (examples include: Greece, Cyprus, Bulgaria, Egypt and Portugal), as well as countries that, although perceived rich, face economic challenges that threaten the existence of their middle class.</p>
<p class="p3">By bringing together relevant players from both the public and private sectors, <i>Thought for Action</i> is changing the policy making process. Partnering with think tanks, development institutions, research centers, local and state governments, impact investors, and social entrepreneurs, the organization provides a platform to create meaningful and lasting change. In brining important dialogues on reform to the forefront, <i>Thought for Action</i> opens doors to redefine the system of rules, and rules themselves, that prevent all members of society from having the opportunity to prosper. This includes, but is not limited to, the restructuring of a key component of prosperity—<b>secure property rights</b>.</p>
<p class="p3"><span class="s1"><b><i>Thought for Action</i>: Two Main Initiatives:</b></span></p>
<p class="p3">1) <b>Live Events and E-Platform - </b>Through online venues, conferences, seminars and publications, <i>Thought for Action</i> promotes the interactive sharing of knowledge and practical experience of both, successful and non-successful reform cases.</p>
<p class="p3">2) <b>Diagnostic Tool for “Assessments” - </b><i>Thought for Action</i> offers a proven, diagnostic tool—<b><i>Reality Check Analysis (RCA)</i></b>—that enables a robust assessment of the institutional malaise that currently prevents full economic participation of all citizens, especially the poor and most economically marginalized. This tool enables identification of: (a) the players needed to engage in the reform process; and (b) those who have vested interests the status quo and those who profit off of the current system. It also enables a robust analysis of the socioeconomic challenges facing a country and the level of difficulty required to implement necessary structural reforms.</p>
<p class="p3"><i>Thought for Action</i> has established working alliances with the World Bank Institute, Johns Hopkins University School of Advanced International Studies-SAIS, INSEAD School of Finance, and continues to build a network of partners. Its team is made up of experts with experience stabilizing countries and markets with structural problems and crises. Among them are Gary Reid, an international expert in Administrative and Public Sector Reforms, Ruth Richardson, former Minister of Economy and Finance of New Zealand, a key player in transforming New Zealand’s economy, and Robert Klitgaard, an expert in municipal reform, Francis Fukuyama, a leader in political analysis, and Christopher Pissarides, Nobel prize winner of Economics 2010.</p>
<p class="p3"><b>ADVISORY BOARD</b></p>
<p class="p6"><b><i>Cyrus Ardalan</i></b>, Vice Chairman and Head of Public Policy, Barclays Capital</p>
<p class="p6"><b><i>Willem Buiter</i></b>, Chief Economist, Citigroup</p>
<p class="p6"><b><i>Francis Fukuyama</i></b>, Fellow, Freeman Spogli Institute for International Studies-FSI, Stanford University (TBC)</p>
<p class="p6"><b><i>Carl Muñana</i></b> General Manager of the InterAmerican Investment Corporation. Former President of Ashoka in Spain and International Advisor to the MicroVest Fund, Former<span class="Apple-converted-space">  </span>Managing Director at JPMorgan</p>
<p class="p6"><b><i>Christopher Pissarides</i></b>, Nobel Prize Laureate Professor of Economics, London School of Economics</p>
<p class="p6"><b><i>Michael Sarris</i></b>, Economist, former Minister of Finance in Cyprus and Director at the World Bank and the World Bank Institute</p>
<p class="p6"><b><i>Susan Wachter</i></b>, Finance Professor, The Wharton School of the University of Pennsylvania</p>
<p class="p6"><b><i>Peter Zemsky</i></b>, Deputy Dean, INSEAD Business School. Strategy Professor</p>
<p class="p2"><b>FOUNDER AND DIRECTOR: ELENA PANARITIS</b></p>
<p class="p3">Elena Panaritis is an institutional economist, and policy innovator. Until recently, she served as a special advisor to the Greek Prime Minister and as a Member of Parliament of Greece. In more than a decade as an economist at the World Bank, Elena spearheaded several institutional/structural reforms including property rights reform in Peru that received International Best Practice and Innovation awards (in total about 15 million people benefited while the return has been over a 150 multiple). Elena’s reform methods have revolutionized and forever changed the way people and policymakers think about them, specifically related to structural reforms. As an economist, she pioneered social entrepreneurship. She is renowned for her success in transforming informal markets into vibrant, growing formal economic and social entities. Her book Prosperity Unbound: Building Property Markets with Trust (Palgrave Macmillan) recounts her experience and expands on her methodology- “Reality Check Analysis”, which is considered one of the best practical applications of institutional economics to property rights issues.</p>
<p class="p3">She is the founder of  HYPERLINK "http://www.panelgroup.com/" \t "_blank" Panel Group, a triple-bottom-line business (social enterprise) that focuses in distressed cities and markets with high level of informality, transforming the wealth base of poor property holders, to proud middle class owners. Elena Panaritis has taught economic development, housing finance and property markets reform at the Wharton Business School, University of Pennsylvania, INSEAD, and the Johns Hopkins University- School of Advanced International Studies (SAIS). She blogs at:  HYPERLINK "http://www.prosperityunbound.com/blog" \t "_blank" www.prosperityunbound.com/blog and writes at the www.Huffingtonpost.com</p>
<p class="p8"><b>CONTACT </b></p>
<p class="p2">Thought for Action</p>
<p class="p2">1348 Perry Place NW, Washington DC 20010 USA</p>
<p class="p2">USA: +1-202-468-8833 GR: +30-6974-75-84-95</p>
<p class="p2">Elena Panaritis, Founder and Director: <span class="s1"> HYPERLINK "mailto:epanaritis@prosperityunbound.com" </span><span class="s2">epanaritis@prosperityunbound.com</span></p>
<p class="p9"><span class="s3">Raymond Fay, Legal: </span><span class="s1"> HYPERLINK "mailto:rfay@faylawdc.com" </span><span class="s4">rfay@faylawdc.com</span></p>
<p class="p10"><span class="s1">www. thoughtforaction.org</span></p>
<p class="p2"><span class="s1"> HYPERLINK "http://www.prosperityunbound.com" </span><span class="s2">www.prosperityunbound.com</span></p>
<p class="p2"><b>DEMONSTRATED SUCCESS OF OUR APPROACH</b></p>
<p class="p3"><i>Thought for Action’s</i> work is founded on the proven success of this approach and based on cumulative experience of experts from across the globe. The <i>Thought for Action</i> team has collectively worked in over 30 countries in need of transformational reforms and their efforts have resulted in both positive transformation and valuable gathering of lessons learned about what works and what does not.</p>
<p class="p3"><b>PERU:</b></p>
<p class="p3">A prime example of the success of these efforts and <i>Thought for Action’s</i> methodology can be seen in the case of <b>Peru,</b> and the efforts undertaken to reform the structure of property rights for its citizens establishing a fair and effective property market.</p>
<p class="p3">The property rights reforms that were implemented in the late 1990s were a result of coordinating both a top-down and bottom-up approach to collective thinking and action. It took over seven years to get the product accepted as a reform program by the World Bank, and through this process and resulting reforms, Peru enacted necessary structural changes and broke down critical barriers that previously prevented informal, marginalized sectors of the population from owning their own property and stunted their full participation in the country’s economy. As a direct result of the reforms and the application of Reality Check Analysis (RCA):</p>
<p class="p3">Poverty in Peru was reduced by 30% in the course of<span class="Apple-converted-space">  </span>about 10 years;</p>
<p class="p3">The value of assets owned by people in the informal sector after it got formalized, increased exponentially, property values increased by 25X right at the beginning of the reform and kept increasing;</p>
<p class="p3">After about 10 years, property values increased 1,000X (a common phenomenon is that a Informal property in Lima previously valued at $12 USD is now worth $1 Million USD);</p>
<p class="p3">The cost-benefit analysis demonstrated that the State benefited by an immediate value increase of 150X;</p>
<p class="p3">The country grew a middle class from less than 4 to 5 million to over 15 million people (Current Total Population of Peru: 29.9Million)</p>
<p class="p3">Child labor probability was reduced by about 30%;</p>
<p class="p3">Overall, the informal sector, which accounted for over 80% of Peru’s economy, dropped below 50%.</p>
<p class="p3"><b>BULGARIA:</b></p>
<p class="p3"><i>Thought for Action</i> has conducted informality assessments and developed reform policies for <b>Bulgaria </b>as well as for other countries including, Lebanon, Burkina Faso, Botswana, Palestine, and Egypt. In the case of Bulgaria, <i>Thought for Action </i>created the initial informality assessment and worked with the Government local researchers and the World Bank to develop an integrated strategy for property rights reform. We started, however applying the reform from the bottom up engaging international impact investment funding with Panel Group in one medium sized municipality (population 64,000).</p>
<p class="p3"><i>Thought for Action</i> has developed an integrated property rights registration data base system that verifies the security of property ownership. The system has been deployed in Bulgaria and now includes 50,000 properties with corrected registration and cadastral information. The database promotes transparency as it is a one-stop service for any user to look up property information, boarders, and to identify overlaps. The system is used by and is easily adapted to the needs of the municipality and the services of the Central Stage. Through the system, vital information is now available to the municipality, notaries, lawyers, as well as the direct beneficiaries, including property owners, and potential investors (both local and international).</p>
<p class="p3">Since the system has been implemented in Bulgaria, zoning and planning for the municipality has become easier and quicker, requiring less bureaucracy to access information and address potential issues. This has lead to improved management of municipal taxes and resources, as well as a 5X increase in property values.</p>
<p class="p3"><b>PALESTINE:</b></p>
<p class="p3"><i>Thought for Action</i> conducted a policy analysis with the Palestinian Authority, which uncovered that 82% of the population does not trust any official agency/organization that manages property registration. Our work then included implementing the RCA model and developing an integrated land registry for the country. Through these efforts, we made fundamental improvements to the authority’s ability to manage land registration, and improve the zoning and planning of the cities. The work in Palestinian Authority managed to consolidate all agencies responsible for the development of a property right. Bureaucracy was reduced as the steps involved in securing ownership became easier and fewer. Transparency increased managing to improve the integration of the new system. The result is that property values have increased at least 5X, zoning is better, as well as urban development, and waste management has also improved.</p>
<p class="p3"><b>WORK IN OTHER COUNTRIES:</b></p>
<p class="p3">Similarly we have worked with countries including, Cyprus, Lebanon, Egypt, Venezuela, Mexico, Brazil, Argentina, among others. Bear in mind that although the RCA model is a relatively simple process of reform adoption, it cannot be implemented or applied in just any country. It requires a strong willingness for change from the government and state leadership, before engaging in the application of the reform.<span class="Apple-converted-space">  </span><i>Thought for Action</i> always conducts an assessment of the informal economy and as an assessment of the appetite for reform among all relevant players. We engage only in countries were the leadership of the country has a champion for reform and where there is a clear set of implementers with a strong appetite for change and reform exists to enable substantive change.</p>
<p class="p14"><b>THOUGHT FOR ACTION</b></p>
<p class="p15">A non-profit 501(c)3</p>
<p class="p16"><b>For People With The Audacity To Dream And The Tenacity To Deliver </b></p>
<p class="p19"><i>Peruvian citizens formalizing the ownership of their home, 1998.</i></p>
<p class="p19"><i>1<sup>st</sup> interactive session of Thought for Action</i></p>
<p class="p19"><i>Informal housing settlements, Peru, 1992</i></p>
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