International Social Science Journal (Chinese Edition)

No.3, 2022

 

Understanding rising income inequality in United States: a literature survey of American Sociological Review in the past decade

(Abstract)

 

Xiu-xiao Wang, Bin Zhu and Da-lei Miao

 

Income and wealth distribution in the United States has become dramatically unequal since 1970s, resulting in many-faceted social and political consequences. A literature survey of American Sociological Review in the past decade (2010-2020) reveals that neo-liberalism adopted some forty years ago has significantly changed workplace power balance. While  a series of factors including globalization and financialisation, shareholder-orientated managerialism have increased the wealth of  the top 1%, workers’ collective actions and bargaining capacity have been substantially jeopardized due to de-unionisation, computerization and the absence of pro-labor partisan as well as public policies, leading to their share of national income in a continuous decline. Combined with traditional variables like race, ethnicity, migration and gender, income and wealth distribution pattern has been twisted ever since. China’s income inequality has been stable in recent years. Nevertheless, lessons should be learned from the U.S. to promote common prosperity and foster a more desirable future.