Since the 1980s, the growing wealth disparity in advanced capitalist societies has drawn attention from political economy scholars due to its profound effects on political systems. This research explores the relationship between wealth inequality and the stability of democratic institutions, focusing on how subjective class perceptions shape support for democratic governance. The findings indicate that as wealth inequality intensifies, it significantly reshapes class identities, influencing attitudes towards democracy. Both the subjective lower and upper classes exhibit diminished support for democratic systems, albeit for different reasons, which may pose risks to democratic stability. In contrast, the subjective middle class, a stronghold of democratic values, is shrinking in both proportion and influence as wealth inequality widens, potentially weakening democratic institutions further. This study underscores the connection between increasing wealth inequality and challenges to democratic values, highlighting the importance of policy measures to protect democratic integrity in the face of rising economic disparities.
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