A Globalization of Extremes: The Middle Classes Facing the Return of Pareto Distributions and Power-Laws
In the sociology of extreme classes, the Pareto law and power tail distributions are vital for representation of functioning of elite categories, of wealth concentration, accumulation and transmission. In the old industrial world, where old money (i.e. family wealth) is a central source of power, the normal distributions fail in the explanation of family structures functioning, assertive mating, homogamy, and economic power transmission. Here, the Extreme value theory reveals new realities. At the top we detect extreme concentration of wealth, ab-normal social behavior, including over-homogamy, or massive participation in the political sphere.
Today, the global emergence of an extreme class means the destabilization of the Quetelet based "Golden Age middle class" and of the "wage earner middle class based society" and the expansion of the Pareto based wealthy-power-elite as a global re-emergence of the model of the European Belle Époque capitalism.