We might say that they simply drew different hands in the card game of life. Is there anything wrong with that? Each of the four made good choices knowing what they could have known at the time, everybody worked hard, and yet they had very different lives. These four people had very different life outcomes. She will invest her savings in the stock market, which yields an average return of more than 10% for many years, and will benefit from government tax cuts that favour high earners. Afterwards she will work for a large financial corporation in Chicago and, after a series of promotions, becomes a vice-president for human resources. Stephanie, both of whose parents are doctors, decides she will attend Indiana University Bloomington, majoring in psychology. In 2008, during the recession, his factory will replace him with a KUKA Robotics Corporation Titan industrial robot. This one is non-unionized, and he will make less money than he did in Gary. With little wealth of his own to post as collateral, he will not be able to obtain a bank loan, so he will move south to another factory. He will try to use his mechanical ability to open a car parts business. In the 1981 recession, Mark will lose his job. Mark is about to finish high school and start working in the local unionized steel mill with his father, where the pay is good and he doesn’t have to spend four years in further education before earning a wage. Mark and Stephanie, both 17, live in Gary, Indiana. Let’s also consider two other hypothetical people living in the US, also in 1975. We could have inserted a disclaimer: ‘All characters appearing in this work are fictitious…’ But that would not be entirely true-they illustrate the divergent histories of real people alive today. Yichen and Renfu are hypothetical people. She will not be able to migrate legally to Tianjin and leaves her daughter behind with her parents. When she is 30 years old, she will take a job in the new Motorola factory opening in nearby Tianjin, paying double her current wage. However, Yichen, whose parents have no party connections, will not go to university, but instead work the land alongside her parents until she is 16, and then work at a state-owned enterprise making car parts for export to the US and Europe. In 30 years, he will be CEO of the company after it is privatized, and be highly ranked within the Party. In 20 years, he will run a state-owned enterprise. ![]() ![]() ![]() In 10 years, he will attend Tsinghua University, an elite engineering university in Beijing, and will join the Communist Party himself. Renfu is the child of a local Communist Party leader. Well-designed and implemented government policies can limit unfair economic inequality while raising average living standards, as has been done in many countries.But inequalities also restrict economic opportunities of the less well off and may also result in a more conflict-ridden society and impose costs, impairing economic performance. ![]()
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