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The Growing Gap of Wealth in China and United States

  • Date Submitted: 05/27/2013 10:50 AM
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ECN 102: Term Writing Assignment
Instructor: Dr. Tony Mutsune

The growing gap of wealth in China and United States

Jiajun DU
April 25, 2013

For a long time it seems that developed countries are models of the distribution of wealth. And by comparing with the developed country such as United States and some European countries, the wealth gap has been a serious social problem in developing country. With China has been key player in the talks as leaders of the G20 group of developing nations, the growing gap between rich and poor became an important problem. This has left people with a false impression that wealth gap problems are the "patent" of developing countries while developed countries are impeccable. In fact, the world's reliance on emerging markets as engines of growth lends urgency to the question of just when this “middle-income trap” is sprung. Without fundamental structural changes, China is in danger of becoming caught in a "middle income trap" – exacerbating the world's growth problems. In face of such threats and challenges, no country can manage alone or stand aloof. American is no exception.
When we were intoxicated with our success in economic gain, the economy is not the only thing growing: so too is the wealth gap. In recent years, China's Gini coefficient is estimated to have been beyond the danger level of 0.4 and approached 0.47. This means as the wealth gap yawns, China risk social strife. The big risk may destroy our economic results from past decades. Regional conflicts, regional social unrests and the widening gap between the rich and the poor are all unfair and invisible outcome resulting from the globalization. Because of the unordered development in countryside and city, the society of developing is faced with dangerous situation.
How about the status quo of the United States? The answer is still sad. The gap between rich and poor in United States is bigger than in any other advanced country, but most people...


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