This worked because China had very strong regulatory frameworks and redistribution was at center of that philosophy. The entire point of letting a few people get rich was that those people who get rich will need to pay taxes to redistribute that wealth around the country.
The people who hoard the wealth in the US actively attack regulation and avoid taxes so that they don't have to redistribute the wealth. At that point, you're a drain on the system.
>This worked because China had very strong regulatory frameworks and made sure the wealth was redistributed.
Source? Aside from some lip service paid about "common prosperity", China definitely does not have a strong wealth redistribution system. I can't find good metrics on size of welfare systems specifically, but using the crude metric of government revenue as % of GDP, it's clear that China isn't some sort of global leader in redistribution.
Likely you’ve been flagged because everyone on hackernews refuses to see themselves as working class and think that we’re the global elite that needs protecting.
“Failure” is of course subjective, but I would say that the gargantuan increase in wealth inequality is a datapoint in favour of suggesting that its a failed model.
Post-War consensus Britain was a golden age, and neoliberalism has been harmful to the quality of life for an overwhelming number of British people. This is just factual, by all the data we have.
>That's just arguing trickle down economics, which has a decades long story of failure.
Deng Xiaoping's "let some people get rich first" worked out pretty well.
This worked because China had very strong regulatory frameworks and redistribution was at center of that philosophy. The entire point of letting a few people get rich was that those people who get rich will need to pay taxes to redistribute that wealth around the country.
The people who hoard the wealth in the US actively attack regulation and avoid taxes so that they don't have to redistribute the wealth. At that point, you're a drain on the system.
>This worked because China had very strong regulatory frameworks and made sure the wealth was redistributed.
Source? Aside from some lip service paid about "common prosperity", China definitely does not have a strong wealth redistribution system. I can't find good metrics on size of welfare systems specifically, but using the crude metric of government revenue as % of GDP, it's clear that China isn't some sort of global leader in redistribution.
https://en.wikipedia.org/wiki/File:Government_revenues_as_a_...
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Likely you’ve been flagged because everyone on hackernews refuses to see themselves as working class and think that we’re the global elite that needs protecting.
“Failure” is of course subjective, but I would say that the gargantuan increase in wealth inequality is a datapoint in favour of suggesting that its a failed model.
Post-War consensus Britain was a golden age, and neoliberalism has been harmful to the quality of life for an overwhelming number of British people. This is just factual, by all the data we have.