It’s right out of 1880s America:
In China, less than 1% of households control more than 70% of private financial wealth.
In the US today, we’re talking somewhere between 40 and 45 percent.
Globally, says, John Bussey in the WSJ, the number is “nearly 40%,” so America’s not much off the norm.
For China to truly advance and become a genuine competitive threat, the political system has to decide to divorce wealth from political power. Otherwise we’re looking at decay and decline and a very short “Chinese century.”
US hit that moment and launched itself into a multi-decade progressive era that cleaned up a lot of things but government most of all.
As I have said many times, the world needs a small army of Teddy Roosevelts right now – but China most of all.
via Thomas P.M. Barnett’s Globlogization – Blog – China’s looming populist problem.
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