ON THE NEW MIDDLE CLASSES: A LETTER TO THE ECONOMIST (September 6, 2011)
Your briefing on politics in emerging markets focuses on all the good things the new middle classes are likely to bring in due time (”The New Middle Classes Rise Up,” September 3, 2011). You open your ruminations with Marx’s praise of the “revolutionary bourgeoisie,” which played a crucial part in the rise of Europe. The clearest evidence of this phenomenon today can be found in China and India, where government corruption brings many to the streets. As the middle classes grow, they opt for free speech and fair elections. Therefore, today’s anti-corruption concerns may well develop in this direction, and the phenomenon is undoubtedly worth watching. Returning to Marx, though, the bourgeoisie played a revolutionary rĂ´le early on, especially in its struggle with the lumbering aristocracy buttressed by the meddling church. But things changed when it was confronted with the emerging working class. Quoting Marx out of context is rarely a good idea. So, be careful with your wishes, for the new middle classes in the emerging markets may change their tack as they gather strength. Nationalism already lurks in both China and India. And Europe offers the best evidence of how it can morph into fascism when the going gets tough.