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Why is China crazy for not being able to provide the same quality of life as the country with the reserve currency? It makes sense that US is one of the easies

Why is China crazy for not being able to provide the same quality of life as the country with the reserve currency? It makes sense that US is one of the easiest place in the world to live in.

adventured 8y ago
The most interesting thing about China in that respect isn't that some parts of China aren't up to par with what you see in the US, UK, Germany, Sweden, or wherever in the developed world. It would be expected to take a long time to accomplish that, assuming it's possible for so many people to hit that standard of living at all. It's the truly extraordinary imbalance between the top ~100 million and the bottom 1.3 billion. ~200 million people living on $3 per day. And 800+ billionaires at the top. ~500 million people living on $10 per day or less, and two million millionaires at the top. It's a proclaimed Communist nation with the greatest inequality the world has ever seen. It simultaneously has a large quantity of among the richest people and the poorest people on earth, a very strange arrangement. The surprising thing is that China hasn't been far more aggressive when it comes to welfare redistribution. They could easily implement wealth taxes if they desired.
- paulcole 8y ago
  I've heard China described as: It's just like the United States. You've got a few hundred people who are billionaires, a bunch more millionaires, and then the rest of the "normal" upper, middle, and lower classes. Then add in a BILLION people who are living in poverty far below the lowest class.
- paulie_a 8y ago
  China is absolutely in no way Communist, in any way. They are full on corrupt capitalism, but still it's capitalism. They can proclaim whatever they want. Personally I think they have been making a slower transition vs Russia where the oligarchs and mafia flat out took over. While there are incredible inequalities in China, Putin is the biggest and wealthiest mafia head in the world. But it is absolutely not surprising they are not doing wealth redistribution. That would actually make them a Communist nation

Why is China crazy for not being able to provide the same quality of life as the country with the reserve currency? It makes sense that US is one of the easiest place in the world to live in.

adventured 8y ago

The most interesting thing about China in that respect isn't that some parts of China aren't up to par with what you see in the US, UK, Germany, Sweden, or wherever in the developed world. It would be expected to take a long time to accomplish that, assuming it's possible for so many people to hit that standard of living at all. It's the truly extraordinary imbalance between the top ~100 million and the bottom 1.3 billion. ~200 million people living on $3 per day. And 800+ billionaires at the top. ~500 million people living on $10 per day or less, and two million millionaires at the top. It's a proclaimed Communist nation with the greatest inequality the world has ever seen. It simultaneously has a large quantity of among the richest people and the poorest people on earth, a very strange arrangement. The surprising thing is that China hasn't been far more aggressive when it comes to welfare redistribution. They could easily implement wealth taxes if they desired.

paulcole 8y ago
I've heard China described as: It's just like the United States. You've got a few hundred people who are billionaires, a bunch more millionaires, and then the rest of the "normal" upper, middle, and lower classes. Then add in a BILLION people who are living in poverty far below the lowest class.
paulie_a 8y ago
China is absolutely in no way Communist, in any way. They are full on corrupt capitalism, but still it's capitalism. They can proclaim whatever they want. Personally I think they have been making a slower transition vs Russia where the oligarchs and mafia flat out took over. While there are incredible inequalities in China, Putin is the biggest and wealthiest mafia head in the world. But it is absolutely not surprising they are not doing wealth redistribution. That would actually make them a Communist nation