More from Phelps... on Wealth and Culture

As blogged earlier though perhaps not as selective in my quoting, there's an additional point that should have been emphasized in his editorial:

Lastly, there a strain of anti-commercialism. "A German would rather say he had inherited his fortune than say he made it himself," the economist Hans-Werner Sinn once remarked to me

As the Right Coast points out, it is extraordinary. Hat Tip, Instapundit.