Website review: Project Syndicate
laodan discovered this in China
•1 reviews since Sep 5, 2006
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•project-syndicate.org/commentary/shiller40/En...
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laodan discovered 21 months ago- Thrifty China, Spend thrift America in Project Syndicate by Robert J. Shiller (Professor of Economics at Yale University, Chief Economist at MacroMarkets and author of Irrational Exuberance and The New Financial Order: Risk in the 21st Century. ) The saving rate in China is the highest of any major country. Chinau2019s gross saving rate (the percentage of GDP that is not consumed immediately), which includes both public and private saving, is around 50%. By contrast, the saving rate in the United States is the lowest of any major country u2013 roughly 10% of GDP. Almost all other countries fall between these two extremes. According to recent World Values Surveys, 96.7% of Chinese expressed confidence in their government, compared to only 37.3% of Americans. Likewise, 83.5% of Chinese thought their country is run for all the people, rather than for a few big interest groups, whereas only 36.7% of Americans thought the same of their country. With this relatively higher trust, China's government and enterprises are better able to enact and implement strict policies that promote saving and growth. URL: Thrifty China, Spendthrift America
This is news to me. Having read the book "Trust" by Francis Fukuyama I had in mind that the highest trust in the institutions of a country was to be found in the US and here comes this World Values Surveys (University of Michigan) indicating that 96.7% of the Chinese versus only 37.3% of Americans trust their government. I think that I had accepted to easily the arguments of Fukuyama. The question of trust can't indeed be reduced to an abstract proposition towards a society as a whole. In their Confucian belief system the Chinese have traditionally considered that the only place that is safe is within the "5 relationships", meaning the family (father, mother, brothers & sisters) and the friends of the family. Out of the "5 relationships" danger lurks and trust should be withdrawn. That's how relationship is so crucial in accomplishing something in China (guenxi). So the distrust they perceive in their civil society is being compensated by their government who is perceived as acting in the interest of all the people. By contrast in America the citizens have a high trust in the working of their civil society and distrust for their public institutions...
- Thrifty China, Spend thrift America in Project Syndicate by Robert J. Shiller (Professor of Economics at Yale University, Chief Economist at MacroMarkets and author of Irrational Exuberance and The New Financial Order: Risk in the 21st Century. ) The saving rate in China is the highest of any major country. Chinau2019s gross saving rate (the percentage of GDP that is not consumed immediately), which includes both public and private saving, is around 50%. By contrast, the saving rate in the United States is the lowest of any major country u2013 roughly 10% of GDP. Almost all other countries fall between these two extremes. According to recent World Values Surveys, 96.7% of Chinese expressed confidence in their government, compared to only 37.3% of Americans. Likewise, 83.5% of Chinese thought their country is run for all the people, rather than for a few big interest groups, whereas only 36.7% of Americans thought the same of their country. With this relatively higher trust, China's government and enterprises are better able to enact and implement strict policies that promote saving and growth. URL: Thrifty China, Spendthrift America
