The Global Middle Class Has Stalled. Has It Stopped for Good?
The emerging world—lower and middle income countries alike—found China’s insatiable appetite for commodities in recent years a godsend. For the new middle class a commodity supercycle was the simplest route to plenty. If a country had commodities it benefited either from direct trade, or though persistently higher prices of nearly all industrial commodities. By meeting China’s surging demand, the global middle class was going to grow forever.