Political Power and Social Theory

The differences in these definitions are not trivial, not least for the political implications that flow from each. A definition focused on access to discretionary funds, for example, would prove more important to social scientists concerned about generating the “value shift” that some believe is key to embracing the cause of democracy. But such implications are far from the concerns of most economists. To the contrary, most economists are interested in the emerging middle class for its potential to fuel economic growth. For economists writing from the perspective of corporate America, the new middle class is celebrated for its growing consumption capacity and the expanding market opportunities this creates for global capitalism. For economists writing from the perspective of the late developing countries, the new middle class is celebrated for its capacity to serve as an engine of local growth. The new middle class is hailed for its ability to accumulate capital, its “gift for entrepreneurship,” its investment in health and education – all of which enhances the prospects for investment, growth, and improved productivity in developing economies (Banerjee & Duflo, 2008).