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Nathan Gardels
Nathan Gardels
Nathan Gardels is editor-in-chief of Noema Magazine and co-founder of the Berggruen institute. He is co-author of “Renovating Democracy: Governing in the Age of Globalization and Digitlal Capitalism”.

China could use its huge surpluses to create a fund that provides dividends from capital gains on its investments to every family. Families could draw on their accumulated wealth for their own needs, or even to start a business.

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The governing systems of the world's two largest economies are in crisis. As the United States has been grappling with a fiscal cliff, China faces a social cliff. Without major reform, both will falter.