Question

a) What is the meaning of the term “middle class,” as defined by political economy? Explain its meaning in your own words to an audience that is not familiar with political economy.

b) What is the difference between the “old” middle class and the “new” middle class. Use contemporary examples (i.e. not those in the readings) to explain your answer.

c) Choose ONE segment of the middle class (i.e. old or new). Then discuss how EACH stage of US capitalism has affected that segment of the middle class. How have changes in the institutional setting of accumulation strengthened (or weakened) that segment of the middle class?

Answer 1

a)Political economy determines how economic theories like Capitalism and Communism define middle class.In the middle of the social hierarchy is the middle class . Acording to Marxist they are the working class below upper class and true middle class but above those people who are in poverty.According to Capitalism middle class is referred as bourgeoisie initially and later as petite bourgeoisie.

b) The generation before 1990 is referred as old middle class and generation post 1990 is referred as new middle class.Thedifference between old middle class and new middle class is that in old middle class there is one earning member and in new middle class both husband and wife are employed.Old middle class had 3 or more children and new middle class had only one or may be 2 children. The old mibble class could not afford to make their children doctors or engineers while NMC could afford such education for their children.The OMC spent less and save more while NMC spend more and save less.NMC make foreign trips which OMC cannot.

c) Bourgeoisie is one segment of middle class.Within Capitalism ,middle class in the initial stage was referred as Bourgeoisie.But later in the stage as Capitalist societies developed as a result of differentiation between classes , it came to be known as Petite bourgeoisie.Marx was of the view that Capitalist Bourgeoisie mercilessly tortured the Proletariat . Strengthening of the bourgeoisie was based on accumulation of capital. Their zeal for accumulation has led them to conquer the world.The bourgeoisie owned the means of production and are helping the rich while exploiting the proletariat. Class lines were no longer defined and the middle class were able to rise in society.