Abstract
Abstract. Of Sun Yat‐sen's “Three Principles of the People,” the third principle, namely the People's Livelihood, forms the ultimate goal for social welfare. In this principle Dr. Sun tried to syncretize the economic theories of the West and adapt them within the Chinese context.The equalization of land ownership through taxation of self‐assessed land values, and the land value increment tax are the most essential ingredients of the third principle. Underlying Dr. Sun's concept of equalization of land ownership is the unearned increment theory of Henry George.Dr. Sun conceived of agrarian reform as basic to the solution of the livelihood problem. Henry George also saw the cause of distress and destitution in the defective land tenure structure and the monopoly of land.
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