In his book Tragedy and Hope, Carroll Quigley argues that for a civilization to prosper, two key conditions must be met: individuals delaying gratification and their having unlimited material desires. He refers to the former as “future preference,” which will be the focus of this article in relation to personal finance.
The Role of Future Preference in Early American Culture and its Decline
According to Quigley, early American settlers, many of whom adhered to the Puritan faith, exhibited a strong future preference, which contributed significantly to the development of the United States. The values they cultivated during the 17th century including hard work, self-discipline, and cooperation, continued to shape American culture well into the late 19th century.
However, since the 20th century, cultural shifts have eroded these values. Such changes are evident in literary works like The Sun Also Rises by Ernest Hemingway. The novel centers around a group of American expatriates in Paris who, disillusioned after World War I, spend their time drinking expensive wine day after day and living leisurely. Although the book was published in the 1920s, this culture of “living for the moment” persists today.
Continue reading “Saving for Retirement – How to Practice Future Preference in a Culture Focused on the Present”
The Well Tempered Investor 