If we ask a political economist, “what is the biggest issue confronting Europe today?” the likely answer we will get is: “where should I start!?” Indeed, there is no shortage of candidates: the macroeconomic divergence of the EU's member states, the conflicts about EMU, the powder keg of immigration policy, the growing concentration of wealth and political power, the wave of populist mobilization after the Great Recession, and, on the horizon, technological changes with unforeseeable implications for the structure of European economies. One could add the (real or self-imposed) limitations in fiscal capacities of many welfare states to deal with future challenges (an ability that I would nominate, without expecting much disagreement, as a “significant achievement from Europe's past”).

Many of these problems can be linked to the question of what happens to Europe's middle classes – as workers, consumers, and citizens. This does not mean that we should stop being interested in, concerned about, and solidaristic with Europe's “precariat” or “outsiders”. But in terms of sheer numbers, it should be clear that Europe's societies will look very different if they fail at the political integration of its middle classes. Much research suggests that this political integration is inextricably tied to labor market experiences and consumption opportunities. In the light of growing economic inequalities and their social repercussions, it is this link that begins to appear precarious to many contemporary observers.

Admittedly, the fate of the middle class has not only to do with economic facts and measurable insecurities but also with psychology. To appreciate the problem, we have to move from an individualistic to a relational perspective. Economists still sometimes pretend that people care about money per se. Empirically and theoretically, it is more plausible to assume that people are primarily motivated to feel included in groups and to get as high a status in

these group as possible (Marx 2019a, 2019b). In capitalist societies, money is an important material and symbolic resource to acquire status. A wealth of evidence in psychology, sociology, and biology shows that humans are incredibly sensitive to even subtle social cues signaling inclusion or exclusion.