Sentence:  As it is , they consider that the North is now reaping the fruits of excess egalitarianism , that in spite of its high <WSD>standard</WSD> of living the `` American way '' has been proved inferior to the English and Scandinavian ways , although they disapprove of the socialistic features of the latter . 
Meaning of the word marked with <WSD> tags:  a level of material comfort in terms of goods and services available to someone or some group