How do poor countries get rich?

Re:How do poor countries get rich? by menshiki on Sunday June 26, 2022 @10:12AM (#31884188)

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.

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Re:How do poor countries get rich? by thematrixturtle on Sunday June 26, 2022 @10:28AM (#31884322)

The 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.

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Re:How do poor countries get rich? by menshiki on Sunday June 26, 2022 @10:35AM (#31884392)

I'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.

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Re:How do poor countries get rich? by pessimizer on Sunday June 26, 2022 @02:43PM (#31886681)

> 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

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Re:How do poor countries get rich? by hapiri on Sunday June 26, 2022 @11:01AM (#31884612)

The 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.

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