Wealth Accumulation, Wealth Distribution and Common Prosperity—A Comprehensive Analysis Based on Theory, History and Policy

Yi Xingjian, Li Jiashan, Zhang Hao, Yang Biyun

Studies of International Finance ›› 2023, Vol. 0 ›› Issue (8) : 3-16.

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Studies of International Finance ›› 2023, Vol. 0 ›› Issue (8) : 3-16.

Wealth Accumulation, Wealth Distribution and Common Prosperity—A Comprehensive Analysis Based on Theory, History and Policy

  • Yi Xingjian1,2, Li Jiashan2, Zhang Hao2, Yang Biyun2
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Abstract

Wealth accumulation and wealth distribution have always been the core issues of economic studies. Over the past 40 years, these issues have remained significant,when global income or wealth inequality gaps have experienced significant expansion and approached historical peaks. This holds true even when considering the time since the industrial revolution. Since the reform and opening up, China has made great achievements in economic development. The accumulation of wealth has increased rapidly, but the inequality between the rich and poor has also widened at an alarming pace. The 20th National Congress of the Communist Party of China proposed “regulating the mechanism of wealth accumulation”. Common prosperity is the essential requirement of socialism with Chinese characteristics, and the Chinese path to modernization means common prosperity for everyone. Against the new historical background, this modernization has become a pressing and essential objective to fully take advantage of our socialist system and pursue a Chinese path to modernization. It's imperative to constantly improve the distribution system, steadily promote common prosperity, and narrow the wealth gap among household. Firstly, this paper reviews the academic ideological history of wealth, wealth accumulation, and wealth distribution.Secondly,this paper reviews and analyzes the historical evolution of wealth accumulation and family wealth gap in the major developed economies worldwide as well as China. Thirdly, it will propose relevant policy suggestions to address the issues related to wealth accumulation and distribution in China.

Key words

Wealth Accumulation / Wealth Distribution / Common Prosperity

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Yi Xingjian, Li Jiashan, Zhang Hao, Yang Biyun. Wealth Accumulation, Wealth Distribution and Common Prosperity—A Comprehensive Analysis Based on Theory, History and Policy[J]. Studies of International Finance, 2023, 0(8): 3-16

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