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Household Savings in China, India and South Korea
People think of saving as a virtue, but saving is actually lost opportunity made necessary by adverse conditions. If food is scarce, the body is encouraged to build fat reserves whenever it can; when it is abundant, fat is unnecessary and wasteful.
China and India value savings because access to money is still difficult. A lack of insurance, social security or pensions forces even the poor to forgo comforts and put aside.
Jan 7, 2013. 08:19 AM
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