Thanks to Mr. Wahdy fro bringing this article to my attention. I am not suggesting the “Theory of Everything” in this article is correct and indeed “everything.” No one has a monopoly on the truth. However, it does contribute to one’s understanding of how industrialization spreads from country to country.
Also, the graph on real income growth vs. income percentile is very revealing. Keep in mind it is a graph of the whole world and not just the U.S. We have it good here in the US. Thus, the middle class in the US is upper class relative to the rest of the world. However, as the chart shows, income growth in the US middle class has stifled while the income of other countries has risen. And of course, the income of the top 1% has risen regardless.
So what is next for the U.S.? I’ll tell you after I place my appropriate financial market bets. 🙂