For the other end of the spectrum, the 50 to 85 percent of the world's population who are not the recipients of privilege, the world they know is almost certainly worse than any their earlier counterparts knew. It is likely they are worse off materially, despite the technological changes. In substantive as opposed to formal terms, they are more, not less, subject to arbitrary constraints, since the central mechanisms are more pervasive and more efficient. And they bear the brunt of the various kinds of psychic malaise, as well as of the destructiveness of civil wars.

It is this third consequence that has been elaborated in greatest detail and has formed one of the most significant pillars of historical capitalism, institutional racism.

To those critics who see capitalism as a system of inegalitarian, oppressive structures, its defenders have vaunted its ability to recognize and encourage what they call individual merit and asserted not only the desirability but also the inevitability of differential reward, of earned privilege, so to speak.

The first and probably most fundamental aspect of this crisis is that we are now close to the commodification of everything. That is, historical capitalism is in crisis precisely because, in pursuing the endless accumulation of capital, it is beginning to approximate that state of being Adam Smith asserted was 'natural' to man but which has never historically existed. The 'propensity [of humanity] to truck, barter, and exchange one thing for another' has entered into domains and zones previously untouched, and the pressure to expand commodification is relatively unchecked.

But even in the absence of direct interference by those who had the power to interfere, the process was usually aborted by the non-availability of one of more elements of the process - the accumulated stock in a money form, the labor-power to be utilized by the producer, the network of distributors, the consumers who were purchasers. One or more elements were missing because, in previous historical social systems, one or more of these elements was not commodified or was insufficiently commodified.

The mark of the modern world is the imagination of its profiteers and the counter-assertiveness of the oppressed. Exploitation and the refusal to accept exploitation as either inevitable or just constitute the continuing antinomy of the modern era, joined together in a dialectic which has far from reached its climax in the twentieth century.

The second reason why we haven't observed the growing gap is that our historical and social science analyses have concentrated on what has been happening within the 'middle classes' - that is, to that ten to fifteen percent of the population of the world-economy who consumed more surplus than they themselves produced. Within this sector there really has been a relatively dramatic flattening of the curve between the very top (less than one percent of the total population) and the truly 'middle' segments, or cadres (the rest of the ten to fifteen percent).