MARTIN WOLF: Five policy areas to address if capitalism is to be reformed
Aristotle was right about the stability of ‘constitutional democracy’ depending on the size of its middle-class
“It is clear then that ... those states in which the middle element is large, and stronger if possible than the other two [wealthy and poor] together, or at any rate stronger than either of them alone, have every chance of having a well-run constitution.”
Thus did Aristotle summarise his analysis of the Greek city states. The stability of what we would now call “constitutional democracy” depended on the size of its middle class.