> But this is entirely rational when you live in a society not far removed from subsistence farming, threatened by civil wars and with relatively weak civic ins

> But this is entirely rational when you live in a society not far removed from subsistence farming, threatened by civil wars and with relatively weak civic institutions: social capital is simply more reliable than material capital. Heck, I worry about that in our society as well. The generations after the Baby Boomers have not saved terribly much, and as they begin to age and retire the social pressure to support them will get higher and higher (which is good: one doesn't want folks to be indigent). But ultimately that is likely to mean legalised raids on the retirement accounts of those who did spend. Why save today if it will just be confiscated in a couple of decades? Might as well spend today and enjoy whatever one buys. Or buy portable wealth …