The Coming Collapse of the Middle Class

More on economic dislocation of Middle class that directly relates to Globalization.

Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class. Series: "UC Berkeley Graduate Council Lectures




This is painful to the middle class but the competitive edge gained by the industrial production and manufacturing is no longer is an edge. It has become subservient to the Global economy.

The people who are part of this global economy are thriving and the one who are not part of it are falling behind. It is no different then what happened in the previous major shifts in the means of production. When humans who were nomads settled down on the agricultural settlements they won againts the nomads. Now a days those guys are so far down the food chain that we can them "Hobos".

When industry came around the ones who accepted industry as the means of production beat out their cousins who got stuck in back breaking agricultural work. The Civil war in US was a fight between Industrial north and agricultural south. North won it decisively. We classify that as a war against slavery that is reason for the war to get going but North won it because they had the Industrial/Financial infrastructure to win it.

We are going through the same shift again in the means of production. The rise of global media will homogenize the peoples tastes and we will see a growing population worldwide that will have same interests, likings and tastes. This will be the middle class of the future.