The decline of the middle class: an international perspective.(Report)

From: Journal of Economic Issues | Date: March 1, 2007| Author: Pressman, Steven | Copyright information

A large and vibrant middle class is important to every nation. It contributes to economic growth, as well as to social and political stability.

The middle class helps mitigate class warfare. Marx (1948) believed that economic history was a class struggle between haves and have-nots, and that the have-nots would eventually band together and overthrow the capitalist system. What Marx missed was that a middle class might arise and serve as a buffer between the poor and the ...

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