What is social structure of accumulation in economics and how has that helped or affected China's economic growth and social inequality?

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The social structure of accumulation (SSA) theory was introduced by David Gordon in the year 1978, following inflation and chaos witnessed in the global currency market. This approach gave economists a new way of analyzing the development and structure of capitalist societies and economies. It stipulates that an extended period of stable and rapid economic growth requires an efficient and effective social structure of accumulation. Despite the fact that SSAs are known to support economic development and stability, they eventually expire, leading to economic instability and stagnation until new ones are developed.

In the recent past, China has experienced immense economic development and improved social equality. In the past, China was known to have a conservative culture that was characterized by social segregation and rigidity. However, in the recent past, China has been able to adopt a more open culture, leading to the erosion of the stringent social structures that existed in the country and allowing for more interaction with the outside world. This new development can be attributed to the increased global integration created by an improved telecommunications network. As a result, China has become a business destination for global traders who seek low-priced commodities. This has led to increased economic growth and improved social equality in China.

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