Peter Bruce Editor-at-large & columnist

I remember being taken aback at a seminar on inclusivity at Harvard University’s Kennedy School a few years ago when one of the invited speakers, an Italian, suggested that poor people may stay poor not because of some inevitable widening of inequality in a capitalist economy, nor any cultural characteristic that might, in the minds of some people, attach itself to the poor.

No, he said; the reason poor people stay poor is that they invest poorly. The rich tend to invest better. Or more wisely. Poor investments mostly do badly. Good ones do well. Most of the time...

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