Paradoxes of Social Rise. The Expansion of Middle Classes and the Financial Crisis

dc.creator	Christoph Deutschmann
dc.date	2010-07-01T00:00:00Z
dc.date.accessioned	2015-07-20T22:09:47Z
dc.date.available	2015-07-20T22:09:47Z
dc.identifier	1611-9665
dc.identifier	1618-5293
dc.identifier	https://doaj.org/article/e8abc89f689f4d6f9a191b8f98f96c7b
dc.identifier.uri	http://evidence.thinkportal.org/handle/123456789/13093
dc.description	The article views the current financial crisis from the background of long term socio-economic changes in advanced industrial societies. Central points are the rise of middle classes, the accumulation of financial wealth in the upper strata of middle classes in combination with an increasing concentration of financial assets at the level of the top rich, and the advance of pension and investment funds as collective actors at financial markets. The paper analyses the interconnections between these developments in the framework of a multilevel model, culminating in the thesis of a collective “Buddenbrooks”-effect: a structural upward mobility of society will lead to an increasing imbalance at capital markets because a strongly rising volume of financial assets searching profitable investment opportunities will go parallel with a decline of the social reservoir of solvent entrepreneurial debtors. Therefore, advanced industrial economies are faced with chronic excess liquidity and export surpluses at capital markets, leading to the build-up of speculative bubbles and subsequent crashes. The author argues that the present crisis cannot be understood properly without taking account of these backgrounds.
dc.language	English
dc.language	German
dc.publisher	Bielefeld University
dc.relation	http://www.jsse.org/2010/2010-1/pdf/Deutschmann-JSSE-1-2010.pdf
dc.relation	https://doaj.org/toc/1611-9665
dc.relation	https://doaj.org/toc/1618-5293
dc.source	Journal of Social Science Education, Vol 9, Iss 1, Pp 20-31 (2010)
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Social sciences (General)
dc.subject	H1-99
dc.subject	Social Sciences
dc.subject	H
dc.subject	DOAJ:Social Sciences
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Social sciences (General)
dc.subject	H1-99
dc.subject	Social Sciences
dc.subject	H
dc.subject	DOAJ:Social Sciences
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Social sciences (General)
dc.subject	H1-99
dc.subject	Social Sciences
dc.subject	H
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Social sciences (General)
dc.subject	H1-99
dc.subject	Social Sciences
dc.subject	H
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Social sciences (General)
dc.subject	H1-99
dc.subject	Social Sciences
dc.subject	H
dc.title	Paradoxes of Social Rise. The Expansion of Middle Classes and the Financial Crisis
dc.type	article