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I am not sure how accurate is the first paragraph. There is a strong notion in Confucianist countries that promotes saving majority of your income. People in Ch
by menshiki 4y ago
I am not sure how accurate is the first paragraph. There is a strong notion in Confucianist countries that promotes saving majority of your income. People in China, Taiwan, and Singapore often tend to send save 70% of their income. The same can be said about migrants from those nations that moved to the western countries. At the same time, in the US and Western Europe is one decides to save 50% of their income it is considered exceptionally high.
- thematrixturtle 4y agoThe actual savings rate in Singapore is around 40%, and Confucianist countries also have a strong notion of "face", including conspicuous consumption to keep up appearances. But feel free to visit any Singaporean shopping mall or restaurant: it's locals who are doing the vast majority of the spending.
- menshiki 4y agoI've spent years in Taipei and I have definitely observed the phenomenon you're describing. However, from my experience, it's mostly the ultra rich/upper class people that occupy the department stores on weekends.
- hapiri 4y agoThe saving habits was mainly of the post-WW2 generations that have to follow a prudent life style to survive. Highly doubt that Confucius has anything to do with this.
- pessimizer 4y ago> There is a strong notion in Confucianist countries that promotes saving majority of your income. Rather than ancient Chinese philosophy, this mindset was probably more driven by https://en.wikipedia.org/wiki/1997_Asian_financial_crisis https://en.wikipedia.org/wiki/1997_Asian_financial_crisis