In my previous blog, I came to the defense of my fellow economists – who repeatedly take flak for not anticipating the global financial meltdown in 2008 or missing key signposts pointing toward the current rise of anti-globalization around the world.
I used that opportunity to explore the notion that, while there is certainly room for criticism, it is unfair to brand many economic polices economists have supported as ‘bad deals’ (a chief example being trade liberalization) by simply focusing on their negative elements, lest we risk throwing the baby out with the bathwater.
Here I will bolster this defense by calling our attention to a global perspective on the middle class. Often, in the current debate about the uncertain situation of the middle class, or the stagnation of income for the median earner, one overlooks the geographic focus of the debate. This debate is ongoing, with few exceptions, in high income countries. However, from a global perspective, the middle class is in very good health.
- Europe and Central Asia