John C. Bogle, a Fellow of the American Academy since 2004, is the founder and former chief executive of the Vanguard mutual fund group. He was named by 鈥淔ortune鈥 magazine as one of the four 鈥渋nvestment giants鈥 of the twentieth century. His fifth book, 鈥淭he Battle for the Soul of Capitalism鈥 (2005), explores in depth the issues considered in this essay.
