The Scary New Rich
Aristotle believed they were democracy's secret weapon-
the protectors of social values,
the moderators of political extremism,
and believers in a society run by laws instead of by strongmen.
They have also been the engines of economic growth,
setting the stage centuries ago
for the expansion of capitalism and global trade,
and continuing through the ages
to snap up every new gadget in sight.
Now, with the Western middle classes
sinking into debt and distress,
many economists look to a new emerging-market middle class
as the potential foundation for a new age
of global safety and prosperity.
As large developing nations became more prosperous,
it was always assumed that they would become
more like the suburbs of Washington or London-
liberal, democratic,
market-friendly bastions
not only of Western-style consumerism
but also of political liberty.
With time and wealth, "they" would become just like "us."
The truth is that "they" are not becoming just like "us."
The global middle class is rising faster than expected,
in numbers and in wealth,
but converging incomes are not yielding shared values.
The emerging bourgeoisie is a patchwork of contradictions:
clamorous but rarely confrontational politically,
supporters of globalization yet highly nationalistic,
proud of their nations' upward mobility
yet insecure and fearful they will fall back,
fiercely individualistic but reliant on government subsidies,
and often socially conservative.
Many of the aspiring elite
seem willing to let the powers that be-
whether authoritarian governments or elected ones-
call the shots as long as they deliver the spoils of growth.
It's also worth remembering that the new middle classes
are psychologically driven
by an odd mix of pride and insecurity.
Close to 30 percent of Brazil's new middle class
owes its livelihood to the informal market,
where income is irregular, safety nets are nonexistent,
and opportunity for entrepreneurship is limited.
Many have borrowed their way to higher living standards,
one reason perhaps that 53 percent say
they live in fear of unemployment,
loss of income, or even bankruptcy.
They have benefited from the explosion of private schools
but have seen the overall quality of education plummet,
eroding one of the classic middle-class paths to social mobility.
Indeed, some development economists argue
that the poor will be a greater force for social change,
but their ability to become a force for better government,
greater freedoms, less corruption, and more economic liberty
is much less certain.
"They" have a very long way to go before becoming "us."