Narrow Results

The world is marked by an extreme disparity of economic inequality, and the widening gulf of income and wealth distribution between the “rich” and the “poor” is one of the defining challenges of our time (Dabla-Norris et al., 2015). This chapter, set under the contemporary context of cascading disparities within social hierarchies and progressive innovations in financial sectors, outlines the roles of Central Bank Digital Currencies (CBDCs) in the elimination of economic inequality and probes three potential legal obstacles likely to be encountered during the implementation of CBDCs, by studying the correlations between the issuance of a CBDC and the reduction of economic inequality. This chapter, based on the welfare analyses on the socioeconomic manifestations of economic inequality and the roles of CBDC in the elimination of economic inequality, aims to promote common prosperity from the poorest to the people in high places, in order to construct a justified and legitimate economic system and to establish a free market welfare state, departing from poverty and inequality towards sustainable democratic states and common prosperity territories.

Common prosperity is the most essential feature of socialism. Based on the regression analysis of 822 villages in 21 cities and states in Sichuan Province, this paper explores the mechanism of common prosperity in different types of villages governed by people. The results show that village cadres of different types of able men have a significant driving effect on the increase of household income. Moreover, the village cadres of economically able people have a stronger driving effect on the increase of peasant household income than the village cadres of intellectually able people. The village cadres of economically capable persons drive the increase of peasant household income mainly through the development of characteristic industries. The village cadres of intellectually capable persons drive the increase of peasant household income mainly through the establishment and introduction of various industrial management organizations. The follow-up implementation of the rural revitalization strategy should focus on providing a stage for village cadres of different types of talented people to display their talents.