Joe Borgatti is probably the only person who could have written this book, and certainly the best qualified. Joe has had a prodigious experience of business life in many countries. He opened branches of Citibank in Latin America, developed a huge nickel mining and smelting complex in Guatemala, and has helped development banks resuscitate troubled deals from San Salvador to Egypt.

John Train, author of Money Masters of Our Time

Joe Borgatti knows his way around the developing world, having spent his 66- year professional career in Brazil, Guatemala, Egypt and Bulgaria. His insider’s account of the failure of Adela Investment Co. to promote economic development in Latin America in the 1960s and 1970s is contrasted with the hard-won successes of the Bulgarian-American Enterprise Fund in the 1990s. ADELA is a vigorous examination of what works and what doesn’t.

Melanie Kirkpatrick, former deputy editor of the Wall Street Journal’s editorial page, author of Escape from North Korea