(I) The basic strategy of the war on poverty during 1960's was to try to give everyone entering the job market comparable skills. (II) Of these, the best mechanism for breaking this vicious circle seemed to be educational reform. (III) This meant placing great emphasis on education. (IV) Many people imagined that if schools could equalise people's cognitive skills, this would equalise their bargaining power as adults. (V) In such a system nobody would end up very poor or, presumably very rich.