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Upper class in modern societies is the social class composed of people who hold the highest social status, usually are the wealthiest members of class society, and wield the greatest political power. [1] According to this view, the upper class is generally distinguished by immense wealth which is passed on from generation to generation. [2]
In terms of social structure, the Industrial Revolution witnessed the triumph of a middle class of industrialists and businessmen over a landed class of nobility and gentry. Ordinary working people found increased opportunities for employment in mills and factories, but these were often under strict working conditions with long hours of labour ...
A social class or social stratum is a grouping of people into a set of hierarchical social categories, [1] the most common being the working class, middle class, and upper class. Membership of a social class can for example be dependent on education, wealth, occupation, income, and belonging to a particular subculture or social network.
If you’re in the upper class, you’re sitting pretty. The top 10% of earners have an average net worth of $2.65 million. The top 10% of earners have an average net worth of $2.65 million.
Yet, by the 18th century, the time of the Industrial Revolution (1750–1850) and of industrial capitalism, the bourgeoisie had become the economic ruling class who owned the means of production (capital and land), and who controlled the means of coercion (armed forces and legal system, police forces and prison system). [5] [17]
In many countries, the term upper class was intimately associated with hereditary land ownership and titles. Political power was often in the hands of the landowners in many pre-industrial societies (which was one of the causes of the French Revolution), despite there being no legal barriers to land ownership for other social classes.
Mises allowed that class consciousness and the associated class struggle were valid concepts in some circumstances where rigid social castes exist, e.g., when slavery is legal and slaves have a common motive for wanting to end their disadvantaged status relative to other castes, but that class is an arbitrary distinction in capitalist society ...
The term "class," first widely used in the 19th century, is still used to characterize individuals occupying the same tier on the personal finance ladder. Today, social classes are divided into ...