The Rising Influence of Rising Affluence

[DewDiligence]

The world today is witnessing its third great surge of middle-class growth. The first was brought about in the 19th century by the Industrial Revolution; the second surge came in the years following World War II. Both unfolded primarily in the United States and Europe.

The third seems likely to be the biggest and broadest. It has unfolded in China over the past decade but is rapidly spreading through Asia, Latin America and even Africa. Some predict that within two decades, a majority of the world's population will have middle-class means and desires—for education, cellphones, cars, [modern healthcare—Dew] and, most important, the ability to focus on something other than basic food and shelter. It is these millions of people whose hopes and frustrations will shape the future.

http://online.wsj.com/article/SB10001424127887323823004578593930221674720.html