By Joel Kotkin, Quillette
Politicians across the Western world like to speak fondly of the “middle class” as if it is one large constituency with common interests and aspirations. But, as Karl Marx observed, the middle class has always been divided by sources of wealth and worldview. Today, it is split into two distinct, and often opposing, middle classes. First there is the yeomanry or the traditional middle class, which consists of small business owners, minor landowners, craftspeople, and artisans, or what we would define historically as the bourgeoisie, or the old French Third Estate, deeply embedded in the private economy. The other middle class, now in ascendency, is the clerisy, a group that makes its living largely in quasi-public institutions, notably universities, media, the non-profit world, and the upper bureaucracy.
Standing between the oligarchs, who now own as much as 50 percent of the world’s assets, and the growing population of propertyless serfs, the traditional middle class increasingly struggles for survival against those with the greatest access to capital and political power. The power of this modern-day equivalent of the Medieval aristocracy, what the French referred to as the Second Estate, seems likely to grow; a recent British parliamentary study projects that, by 2030, the top one percent will expand their share to two-thirds of the world’s wealth, with the biggest gains overwhelmingly concentrated in the top .01 percent. One of the upshots of this concentration of economic power is that entrepreneurship is now declining even in the capitalist hotbed of America.