As global poverty declines, we should beware the new class wars | Kenan Malik

We’re told the world is turning middle class, but those at the bottom have little to cheer

Half the world is now middle class. So ran the headlines reporting a Brookings Institution analysis of global poverty, according to which 3.8 billion people can now be defined as “middle class” or “rich”. We have, Brookings suggested, reached a “global tipping point”.

Economic development, in China and India in particular, has helped pull millions out of poverty, a shift reflected in these figures. What is striking about the report, though, is as much what it obscures as what it reveals. The four categories in the Brookings analysis are: poor, vulnerable, middle class and rich. Notice what’s missing? The working class.

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MIB: Howard Marks, Oaktree Capital

This week on our Masters in Business radio podcast, we speak with our 3 time returning champion Howard Marks of Oaktree Capital. (You can hear our prior conversations here 2015 and here 2017). Oaktree manages ~$122 billion dollars in distressed debt. He is the the author of the highly regarded The Most Important Thing. His new book is “Mastering…

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10 Weekend Reads

The weekend is here! Pour yourself a mug of Southdown coffee, grab a seat by the corn maze, and get ready for our longer form weekend reads: • The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies (Bloomberg Businessweek) • Fidelity Is Thriving. Here’s What It Needs to Keep Thriving. (Barron’s) • Taking Investment Teams…

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