In The Science of Happiness, author Stefan Klein at this phenomena and comes to some conclusions on a meta-level on what creates happiness in a society and the results might surprise you. He finds that there are three critical standards that must be met: a civic sense, social equality and control over our own lives. The more participatory the democracy, the more equal the social and income distribution among the citizens and the more self-determination (meaning not being forced to do a job you dislike because you have to pay the bills), the happier the society is.
You can get the full segment and transcripts on CBS.com
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