A Comparative History of the Chinese and US Economies, 1979–2025

Since 1979, Chinese median real wages have multiplied 23 times while US median real wages have been flat, with no growth for more than 45 years. In contrast to China’s policies, the US has allowed its economy to become heavily monopolized, transferring income from workers to capital owners. In the 1990s, the US banking system was changed to emphasize asset appreciation rather than investment in plant and equipment. This was a major factor in the deindustrialization of the US.