The Torah does not prescribe a standard of living. It seems to take for granted that a man may be rich, or be poor. Therefore if he is rich there are rules limiting his ability to become richer at the loss of others. If he is poor, he is given protections and options to try and improve his condition.
Here are some examples of the restrictions against the rich. A rich man cannot monopolize land and create many of the situations we find now in our modern capitalist times. In ancient Israel, one could only purchase land for 49 years, after the 50th year the land would default back to its owners who sold it to help them in their poverty. Also, a rich man must always leave the corners of his field for the poor, as well as not go back for a second gleaning. He is also encouraged to lend to the poor, and give to the needy.
A poor person is given certain protections, and certain options to give him upward mobility. Protections would be the land reverting back to him as mentioned above, or not needing to give pledges if his pledge would be something he needs to live. Options for upward mobility include getting interest free loans or being able to sell oneself into slavery in order to have your needs be taken care of, or even selling your children if you cannot afford to take care of them. These last "options" ring terrible to our modern ears, but this was a very real option and often beneficial option for people. Especially considering the rules the Torah put on slavery (freedom after 7 years, payment at the end of your term, being set free if injured by your master) etc.