Article
What Happened to Social Mobility in America?
A New Aristocracy Has a Lock on Capital and Jobs
Foreign Affairs,
2021
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Those seeking the American Dream historically fell into two camps: wage earners and capital owners. For generations, these groups pursued financial and social mobility according to their respective class association. But since 1980, this framework has unraveled, writes professor Branko Milanović in this illuminating article. He argues that those who possess both human and financial capital are closing ranks to become a “new aristocracy.” He examines the transformation of US economic and social mobility, and the societal implications emanating from a new wealth hierarchy.
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About the Author
Branko Milanović is an economist and a visiting professor at the City University of New York. He also teaches at the London School of Economics and the Barcelona Institute for International Studies.
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