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From Communism to Capitalism: Private versus Public Property and Inequality in China and Russia

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  • Filip Novokmet

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Thomas Piketty

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Li Yang
  • Gabriel Zucman

    (LBNL - Lawrence Berkeley National Laboratory [Berkeley])

Abstract

Since 1980, many economies around the world have experienced two trends: rising aggregate private wealth-income ratio and increasing income inequality (Piketty and Zucman 2014; Piketty 2014). These trends have been particularly spectacular in China and Russia since their transitions from communism to more capitalist orientated economic systems (Piketty, Yang, and Zucman 2017; Novokmet, Piketty, and Zucman 2017). The transition to a mixed economy has taken different economic and political forms in China and Russia—with different privatization strategies for public assets, in particular. These different strategies have had a large impact on inequality and wealth ownership. In China, the transition has involved gradual but nevertheless wideranging reforms. The reforms were implemented progressively, from special economic zones in coastal cities towards inland provincial regions, and in sectoral waves. By contrast, Russia opted for a "bigbang" transition after the fall of the Soviet Union in 1990-1991, with a rapid transfer of public assets to the private sector and the hasty introduction of free market economic principles. In this paper, we compare our recent findings on private and public wealth accumulation in China and Russia, and discuss the impact of the different privatization strategies followed in the two countries on income inequality.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Filip Novokmet & Thomas Piketty & Li Yang & Gabriel Zucman, 2018. "From Communism to Capitalism: Private versus Public Property and Inequality in China and Russia," PSE-Ecole d'économie de Paris (Postprint) halshs-01885459, HAL.
  • Handle: RePEc:hal:pseptp:halshs-01885459
    DOI: 10.1257/pandp.20181074
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    Cited by:

    1. Diego Winkelried & Bruno Escobar, 2022. "Declining inequality in Latin America? Robustness checks for Peru," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 20(1), pages 223-243, March.
    2. Olga Tsapko-Piddubna, 2021. "Inclusive Growth Policy And Institutional Assessment: The Case Of Central And Eastern European Countries," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 7(2).
    3. Hennicke, Moritz & Lubczyk, Moritz & Mergele, Lukas, 2020. "The big sell: Privatizing East Germany's economy," ZEW Discussion Papers 20-043, ZEW - Leibniz Centre for European Economic Research.
    4. Luis Bauluz & Filip Novokmet & Moritz Schularick, 2022. "The Anatomy of the Global Saving Glut," Working Papers halshs-03693216, HAL.
    5. Gabriel Zucman, 2019. "Global Wealth Inequality," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 109-138, August.
    6. Popov, Vladimir, 2021. "Why Europe looks so much like China: Big government and low income inequalities," MPRA Paper 106326, University Library of Munich, Germany.
    7. Chang Liu & Wei Xiong, 2018. "China's Real Estate Market," NBER Working Papers 25297, National Bureau of Economic Research, Inc.
    8. Sayed, Adham & Peng, Bin, 2020. "The income inequality curve in the last 100 years: What happened to the Inverted-U?," Research in Economics, Elsevier, vol. 74(1), pages 63-72.
    9. Joseph Connors & James Gwartney & Hugo Montesinos‐Yufa, 2020. "The rise and fall of worldwide income inequality, 1820–2035," Southern Economic Journal, John Wiley & Sons, vol. 87(1), pages 216-244, July.

    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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