Marxism practiced in early 20th Century by Russia, China and some East European countries is one example of distribution of wealth. But the system failed as it created state monopoly leading to inefficiency and lower growth. No one can deny the popular dictum: Human beings does not exert their best in absence of fear and greed. Why one will put extra effort and pressure on his physical and mental capability, when there is no reward for efficiency or punishment for inefficiency. You cannot ignore stick and carrot policy.
The western world managed to stop spread of Marxism in their countries by adopting welfare economy, so that the marginalized population is paid unemployment dole to maintain their basic necessities.
This helped them to grow at a faster rate than others due to increased demand from the lower starta of the society. But alongwith the growth of western world, there was pressure on natural resources like Crude, Iron Ore and other minerals. This led to commodity boom, when both India and China were growing at fast rate. The distortion in income was much acute in countries of Africa, Middle East and Latin American countries, where the rich having control over natural resources became super-rich with little emphasis on education of masses. The poor in these countries remain marginalised and could not contribute towards the demand of industrial goods. With saturation of demand in Western World, great hope was created from the economic growth of China and India. With China focussing on Export-led growth created huge capacities for industrial goods.
With growth of India and China tapering down, there was inadequate demand for balancing the excess capacity created. These countries too contributed to inequality in their systems in order to keep labour cheap for competing in Exports. This inequality has failed to create enough domestic demand.
The solution now lies in creating most modern educational institutions and healthcare institutions at affordable rates for masses in not only India and China, but in Africa, Latin America and middle East.
The Western world and developed economies along with rich in other countries need to contribute this for the lower bottom of the society.
There is no point in talking about globalization, if you do not own the responsibility.
This is needed for their own survival.
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