It all looks American because America, the country that invented mass capitalism and consumerism, got there first. the impact of mass capitalism is now universal.

I grew up in this world where everything seemed possible.

The Berlin Wall wasn't the only barrier to fall after the collapse of the Soviet Union and the end of the Cold War. Traditional barriers to the flow of money, trade, people and ideas also fell.

Americans have so far put up with inequality because they felt they could change their status. They didn't mind others being rich, as long as they had a path to move up as well. The American Dream is all about social mobility in a sense - the idea that anyone can make it.

The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.

It all looks American because America, the country that invented mass capitalism and consumerism, got there first. the impact of mass capitalism is now universal.

It is absolutely clear that government plays a key role, as a catalyst, in promoting long-run growth.