A Parallel between 1911 and 2011?

The United States is a very different place now than it was in 1911, but I see one possible parallel. Today we are a much richer country, with a healthier and better educated population occupying a far more influential position in the world.

In 1911, the country was in the process of moving from an agricultural economy to an industrial economy. Immensely rich people such as Rockefeller, Carnegie and Ford had fortunes from the ownership of huge corporations, while the working class was suffering from poor salaries, dismal working conditions and declining expectations. Those conditions resulted in the emergence of a strong progressive movement (with a socialist fringe) that split the Republican party (and led to the Bull Moose Party being formed to compete in the 1912 presidential election).

Today the country is in the process of moving from an industrial economy to a service and information economy. Immensely rich people such as Gates, Buffett and Ellison have fortunes from their ownership of major corporations, while the middle class is suffering from declining salaries and declining expectations. Those conditions appear to have resulted in the emergence of the Tea Party movement. We will see the impact of the Tea Party on the Republican Party in the 2012 presidential election.