![]() ![]() For those in the middle classes, the earnings typically lie in the range of US $10 to $100 per day, as expressed in the 2015 purchasing power parities.3 According to most organizations, like the World Bank and the Organization for the Economic Cooperation and Development (OECD), people living on less than US $2 a day are considered poor. ![]() Examples of what constitute the “middle class” in a given nation are dependent upon purchasing power, educational levels, perceptions of who constitute “the wealthy,” and levels of social services, as well as other factors. The measures of what constitutes members of this class differ significantly among nations because of international cultural and economic variations. The middle class falls in the middle of the social hierarchy and occupies a socioeconomic position between the working and upper classes. The future growth of this class in the next three decades and its implications for global businesses and world order are also discussed. In this essay, various definitions of the middle class are offered, followed by a depiction of the status of this class in India from its independence in 1947 through the expansion of the private sector in India through liberalization, a policy change that created substantial economic growth that continues today. A society made up of rich and poor has no mediating group either politically or economically.” The significance of this class was best elucidated by the late Lester Thurow, the eminent MIT economist: “A healthy middle class is necessary to have a healthy political democracy. A sizable portion of any nation’s tax revenue is collected either directly or indirectly from this group, and they also have an important role in any relative political stability that a country experiences. The middle classes constitute a critical market for most goods and services. ![]() A society made up of rich and poor has no mediating group either politically or economically.” - Lester Thurow “A healthy middle class is necessary to have a healthy political democracy. It provides a strong base that drives productive investment and is a critical factor in encouraging other social developments that also stimulate growth and foster expansion of elements that contribute to a healthy society. ![]() This class has been considered a thriving and vibrant catalyst for economic growth. During the past several decades, world economic growth has occurred, mostly because of increased consumption in the middle classes of the United States, Europe, and other advanced countries. The middle classes of all countries have been the key drivers of the global economy in the last century. Re-envisioning Asia: Contestations and Struggles in the Visual Arts.Distinguished Service to the Association for Asian Studies Award.Distinguished Contributions to Asian Studies Award.Striving for Diversity, Equity, and Inclusion in Asian Studies: Humanities Grants for Asian Studies Scholars.Gosling-Lim Postdoctoral Fellowship in Southeast Asian Studies.Cultivating the Humanities & Social Sciences Initiative Grants.Key Issues in Asian Studies Book Series.AAS Takes Action to Build Diversity & Equity in Asian Studies.AAS Community Forum Log In and Participate. ![]()
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