The state of poverty in the United States and Western Europe: five theoretical approaches seeking to explain the variance -- The challenge to America -- The historical experience -- Attitudes, beliefs, and values -- System differences as explanations -- The role of political elites -- The role...

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However,...