As the American dream is deferred, the global economy shifts

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The American dream is not exclusively an American institution. For centuries the ideals of the American dream: “Life, liberty and the pursuit of happiness” have drawn immigrants from across the world to make a better life for themselves. But today—with unemployment at 8.1 percent and the housing market crippled by the credit crunch—the dream is deferred.

For a look at what this means globally, Edward Miguel, a professor of economics at UC Berkeley joins The Takeaway. He also co-wrote the book “Economic Gangsters: Corruption, Violence and the Poverty of Nations,” with economist Raymond Fisman.