Today's India still has many problems - grinding poverty and malnutrition, corruption, poor infrastructure, inordinate amounts of bureaucracy - but it also has new wealth and opportunity, which is attracting entrepreneurial talent from around the world.

BBC: Why would you leave the West for India?

Colombia still has many serious problems, including violence and a great deal of poverty, but it has remained committed to democracy and free markets.

CNN: What Obama should do after the Secret Service scandal

But the severe recession from which we are still recovering has caused serious budget problems for many state and local governments, which fund the vast majority of the costs of public elementary through high school education.

WHITEHOUSE: The White House

Still Schlosstein agrees with Woolley that Wall Street has problems, many of which derive from its size.

NEWYORKER: What Good Is Wall Street?