What’s Behind the Ballooning Upper Middle Class? Education
I see this a little bit different. There are always booming industries precisely because they aren&#x27;t regulated a lot by the government which open up a venue for all kinds of people with all kinds of backgrounds to make their way to the top without a college education.<p>Then after some time governments start regulating that industry until only the ones with connections and degrees from good colleges have the chance to enter the industry.<p>This is the moment when this industry ceases to enable people based on merit (smart, working hard) to move up the social ladder.<p>Eventually this industry dies because of this process, because now it is not the strong willed, smartest and hardest working that make it to the top but instead it&#x27;s a bunch of drones from colleges that all have the same thinking, manners and world views.<p>I believe this has already happened in the financial industry and I feel that in the next 1 or 2 decades this will also happen in the IT industry, which currently isn&#x27;t heavily regulated.<p>I myself (immigrating from a Socialist country) made it in one of the richer EU countries to the top 0,5% of society without a college education (I dropped out) in the IT sector and I&#x27;m quite sure that I wouldn&#x27;t have made it if this industry was heavily regulated.<p>I equate regulation to an entry cost to do business in some area. While regulation in itself isn&#x27;t bad too many regulations can over time create an environment where only the ones that already have money can enter the playing field.<p>It&#x27;s kind of like the rich and powerful see that there&#x27;s an industry where a lot of profit can be made and the first thing they do is to immediately create entry barriers with regulations so only their own offspring can claim future profits in this industry.