Why the middle class will shape global development | Homi Kharas

Dan Banik speaks with Homi Kharas about one of the most important yet surprisingly underexplored forces in modern development: the rise of the global middle class. Drawing on Kharas’s book The Rise of the Global Middle Class: How the Search for the Good Life Can Change the World, the conversation traces how the middle class emerged as a powerful social and economic force, why its center of gravity is shifting toward Asia, and what that means for the future of development. Along the way, they reflect on how the middle class shapes demand, drives growth, influences politics, and changes what citizens expect from markets and the state. Homi Kharas is a senior fellow at Brookings and previously spent 26 years at the World Bank, including seven years as Chief Economist for East Asia and the Pacific and as Director for Poverty Reduction and Economic Management, where he led the Bank’s work on economic policy, debt, trade, governance, and financial markets. The episode also examines the tensions at the heart of this transformation. As more people move into middle-class life, new questions emerge about inequality, insecurity, democracy, consumerism, and whether middle-class expansion can be sustained in a world under growing environmental pressure. From the anxieties facing Western middle-class societies to the optimism and aspiration associated with middle-class growth in Asia, this is a wide-ranging conversation about prosperity, possibility, and the changing social foundations of the global economy.   Host:Professor Dan Banik, Centre for Global Sustainability, University of OsloSubscribe:Apple Spotify YouTubehttps://globaldevpod.substack.com/