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Income Concentration, Financial Liberalization, and Decoupling Between the United States and China

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  • Carlos de Medeiros

Abstract

This inquiry explores connections between income distribution and economic growth in the United States and China, arguing that in the United States income concentration coupled with financial deregulation became a structural factor contributing to the 2007 financial crisis and to the low growth registered afterwards. In China, despite the recent income concentration, economic growth was supported by public investment decoupling Chinese economic performance from the low rates of economic growth exhibited by the United States. A comparative approach to selected Keynesian transmission mechanisms and their effects on income concentration, domestic demand, and economic growth are considered for the United States and China.

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  • Carlos de Medeiros, 2012. "Income Concentration, Financial Liberalization, and Decoupling Between the United States and China," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 439-448.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:439-448
    DOI: 10.2753/JEI0021-3624460219
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    Cited by:

    1. Aguiar de Medeiros, Carlos & Trebat, Nicholas, 2016. "Latin America at a Crossroads: Controversies on Growth, Income Distribution and Structural Change," Centro Sraffa Working Papers CSWP22, Centro di Ricerche e Documentazione "Piero Sraffa".

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