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China, like many countries but more significantly than most, has a wealth distribution gap. The richest 1% of the country own 33% of the wealth. Now consider h
by skuhn 11y ago
China, like many countries but more significantly than most, has a wealth distribution gap. The richest 1% of the country own 33% of the wealth.
Now consider how many people live in China (1.3bn) and how many people fit into that 1% (13.5m). That's a lot of families who can afford standards of living greatly different from the averages in rural China. They may also have various incentives to spend that money outside of China rather than build up local institutions for their children to attend.
In theory this cash influx is good for foreign educational institutions, but only if they are smart about the money they take and how they factor it in and spend it. I'm not really convinced they are being smart, but time will tell.
- graycat 11y agoSure, but I was reluctant to conclude that in a Communist, or recently Communist, country the wealth distribution could so quickly be so extreme.
- tamana 11y agoYou should read up on how Communism plays out in practice. The Chinese government is full of billionaires who embezzle wealth.
- graycat 11y agoYes, but I (1) was reluctant to believe that many of them would so flaunt their ill-gotten gains that they would have their kids paying full tuition at a US university and commuting to class in a Ferrari and (2) did get an impression that at times such government bureaucrats got strung up, a firing squad, long prison terms, or some such. It's on the other side of the plant form me -- I don't have good information.
- skuhn 11y agoMy guess is that this is part of the incentive to do this on the other side of the world. While we're hearing about it happening, we aren't getting specifics about particular people because it's just one or two people living ostentatiously it's a small herd. In a way it's less chance of publicity blowing back on your family in China than flaunting your wealth in Beijing.
- GFK_of_xmaspast 11y agoI don't see how anybody paying attention to the PRC over the last 20 years could think that.