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.