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It's just not clear to me what point you're trying to make. Maybe the US has more wealth concentration at the top than China, but it's clear that both countries
by nilkn 6y ago
It's just not clear to me what point you're trying to make. Maybe the US has more wealth concentration at the top than China, but it's clear that both countries experience this problem/symptom to an extraordinary degree. It's also clear there are tons of self-made multimillionaires and billionaires in the US, including probably a surprising number right on this very forum (well, maybe not billionaires so much). You're trying to make it seem as if the US is dramatically more unequal than China and that every wealthy or powerful person in the US inherited everything but this is far from obvious and probably false.
> The difference between the US and China is that we put this "raw power" in the hands of private enterprise and management, whereas in China they sequester a lot of that talent into the party and sometimes loan it out to private industry.
On this point I do completely agree with you.
- whimsicalism 6y agoThe point I'm making is pretty clear. Obviously this analysis is entirely comparative, since we're trying to diagnose why China might diverge compared to other growth models. China has comparatively less wealth concentration, and a comparatively much higher proportion of Chinese billionaires and multimillionaires are self-made compared to the US. Keep in mind, there weren't really any billionaires in China before 1980 for them to inherit the money from.
- nilkn 6y agoYour point is not at all clear to me, sorry. I think the differences you're pointing out are small at best, and while they may not have had a vast aristocratic billionaire or centimillionaire class in the past, they definitely do today.