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The new class is the privileged ruling class of bureaucrats and Communist party functionaries which typically arises in a Stalinist communist state.
A theory of the new class was developed by Milovan Djilas, who participated with Tito in the Yugoslavian Revolution, but was later purged by him as Djilas began to advocate democratic and egalitarian ideals (which he believed were more in line with the way socialism and communism should look like). The theory of the new class is in contradiction to the claims of certain ruling communists, such as Stalin, who argued that their revolutions and/or social reforms had resulted in the extinction of any ruling class as such. It was Djilas' observation as a member of a communist government that party members stepped into the role of ruling class - a problem which he believed should be corrected.
Of course, the specific notions of Djilas are his own development, however the idea that bureaucrats in a typical Marxist-Leninist style state become a new class is not his original idea. Bakunin had made this point in his IWMA debates with Marx in the mid to late 19th century. This idea was repeated after the Russian revolution by anarchists like Kropotkin and Makhno, as well as some communists. It was later repeated by a leader of the Russian Revolution, Trotsky. Further on, Mao Zedong also had his own version of this idea. Of course, this wide range of people over the decades had different perspectives on the matter, but there was also a degree of core agreement on this idea.
See also: state socialism, state capitalism, bureaucratic collectivism, degenerated workers state and deformed workers state.