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How China transformed to a country of sharp divisions between social classes

Dubai – (Masaader News)

All around China, cities have undergone a  stunning transformations , but the country changed from a poor, underdeveloped nation to one of the world’s leading economies. By building factories, roads, apartments and global brands, the country has created a massive amount of wealth — and a massive amount of inequality.According toThe Washington Post.

Ana Swanson wrote in her report  In The Washington Post that  just a few decades, China went from a place in which nearly everyone was equally poor to one of sharp divisions between social classes.

But the extent of China’s inequality has not been well understood — until perhaps now. In a new paper, a group of noted economists offer some of the most definitive estimates of inequality in China between 1978, the year the country began to crack open a long-closed door to the global economy, and 2015.

The researchers — Thomas Piketty and Li Yang of the Paris School of Economics and Gabriel Zucman of the University of California, Berkeley — find that China transformed from a relatively egalitarian place in the late 1970s, with levels of inequality similar to those found in Nordic countries today. It has changed into a society more closely approximating the United States, though China has not quite reached U.S. levels of inequality yet. Their work highlights the mixed blessings of China’s economic growth.

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