For much of the last part of the 20th Century, the world’s middle class was ascendant, expanding and, in most countries, firmly in control of national politics and culture. Yet in more recent decades, this process has been slowly reversed, in the United States as well as in Europe and, increasingly, East Asia.
This erosion of the middle class has many roots. Globalization has savaged many middle-class jobs, whether in factories or increasingly services, transferring employment to China, India, and other developing countries. In many countries, immigration, much of it from poor countries, has posed a threat to wage rates, particularly for lower skilled workers and increasingly professionals as well.
Read Full Article »