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Does China have less wealth inequality than the US?

Asked by crazyguy (3207points) October 27th, 2020

One would think that China is an ideal aspiration of most people who wish for socialist ideas to change America’s economic trajectory. Therefore it is instructive to compare inequality between the US and China.

There are many scholarly articles on the subject. Here is one:

https://blogs.lse.ac.uk/businessreview/2019/04/01/income-inequality-is-growing-fast-in-china-and-making-it-look-more-like-the-us/

Here is a summary of the article’s conclusion:
To summarise, the level of inequality in China in the late 1970s used to be less than the European average – closer to those observed in the most egalitarian Nordic countries – but they are now approaching a level that is almost comparable with the USA.

Another one, (linked below after the quote) says this:

Though the Chinese are unlikely to ever hold demonstrations like Occupy Wall Street, wealth inequality in China has also drawn intense interest from scholars and social scientists.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4589866/

The conclusion of most articles is that wealth inequality in China is approaching that in the US.

So, even if Bernie’s policies were implemented here, you will not be able to prevent the cream from rising to the top.

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