The 1970s were the height of social mobility. College was accessible. My grandfather was a poor immigrant who went to a public school in Ohio, and my father went to Harvard. That wasn't unusual. There was a feeling that anything was possible and you didn't have to be born into money to have a successful life. Now, people don't believe in the idea that anything is possible. We have more inequality than we've had ever before and a greater concentration of wealth in the hands of a few.

During the Reagan eighties, the idea that money was a good thing - it was good to be rich; that wealth was a reflection of your character. We see this today in perceptions of Donald Trump: the idea that money is an expression of success and even goodness. I compare that with my dad's generation, where the American Dream was about giving your kids a better life, but not just in material terms. The American Dream was also about doing something good in the world. The home was at the center of the dream, but home also represented community, shelter, and stability for your family.

My photography is often a sociological look at American culture and it's been very well published in the UK.

Race is a huge factor when it comes to income and social inequality, and it plays a role in the structural barriers you are talking about. But when you're in the upper echelon of the 1 percent - even though it's certainly a more white demographic overall - there are fewer barriers.

These days, the media is defining what cultural capital is, and it's easily learned. If you have money, anything can be bought. We see this in China and Russia with what I call the "Bling Dynasty and New Oligarchy" in Generation Wealth. As people got rich and everybody started buying Louis Vuitton bags, it became clear that to distinguish yourself you had to have more than an expensive bag. People began to want the things that money is not supposed to be able to buy - history, tradition, education, and culture.

Hip-hop has been so important in my work, because it speaks to the idea of money being tied to cultural capital in an honest and transparent way. When I was growing up in LA, money was equivalent to class, and it was a passport. Hip-hop emphasizes that, but Hollywood and show business bear it out. If you have money, there really is no barrier to social mobility. There are still social clubs in Newport where you can't get in even if you have money, but that is really rare.

My first book, Fast Forward, was about growing up in the shadow of Hollywood and how kids are affected by the culture of materialism and the cult of celebrity, and I've often felt the reason my work has an audience in the UK is because it's everything the British love to hate about the Americans.