Chrystia Freeland: The Global Middle Class

I came upon an insightful piece by Chrystia Freeland on Reuters.com. In the piece she addresses the global economic malaise, particularly its impact on the middle classes of Europe and the United States. She offers an analysis of where capitalism fell short specifically on job creation. Check out her blog post here.

I have to ask, and I have asked before whether capitalism is designed primarily to deliver jobs? I don’t think so, especially if one factor of production, technology, is consistently improving. The mistake of the middle class, whether in the U.S. or in Europe, was to replace the pursuit of income earning, wealth producing capital with settling on short cuts like credit, conspicuous consumption, state jobs, and employer-sponsored pensions. We have, in short, de-clawed ourselves.

If we are to effectively participate in a free market, capitalist society, shouldn’t our first obligation be to store up as much capital as possible?

About Alton Drew

Alton Drew brings a straight forward and insightful brand of political market intelligence. Alton Drew graduated from the Florida State University with a Bachelor of Science in economics and political science (1984); a Master of Public Administration (1993); and a Juris Doctor (1999). You can also follow Alton Drew on Twitter @altondrew.
This entry was posted in consumers, credit, Economy, Political Economy and tagged , , , , , . Bookmark the permalink.

One Response to Chrystia Freeland: The Global Middle Class

  1. Stanford says:

    I believe that the storing of capital should be an obligation. Even more important is a sustainable lifestyle that is in balance with everything else.

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