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China Flirts With Universal Basic Capital; US Flirts With Universal Basic Income

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Commentary As the Chinese Communist Party (CCP) cracks down on everything, from video games to the housing sector, Party leader Xi Jinping has called on the country to strive toward “common prosperity.” China’s ever-increasing wealth gap must be addressed; this comes through the redistribution of wealth. Some China-friendly authors have called for Universal Basic Capital (UBC), which revolves around the idea of spreading wealth more fairly. Essentially, these authors are echoing the very same thing Xi is calling for. The aim of UBC “is not just to limit concentration of wealth at the top but build it from below,” according to the South China Morning Post. It involves creating “an ownership stake” for all those in China, thus allowing everyone the chance to revel in the country’s “future prosperity,” the article said. The idea of UBC is very similar to Universal Basic Income (UBI), a concept Americans are all too familiar with. The former presidential …

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