"The idea of a Grand Supercycle bear market may be interpreted to suggest that mankind will never learn from its past mistakes, or become self-aware in a macro-economic sense. The historical study presented in David Hackett Fischer's The Great Wave (Oxford University Press, 1999), however, presents a meticulously argued case that the periodic crises in human history are becoming steadily less volatile, which suggests that some kind of species-wide learning is occurring."