Better to Borrow or Lend?

Johnson, Paul
October 2006
Forbes Asia;10/16/2006, Vol. 2 Issue 17, p20
The article discusses the financial culture in the U.S. and China. The Chinese have traditionally been savers. It is an axiom of Chinese culture that a prudent man saves 40% of his net income. This axiom also applies nationally, in that China's policy has traditionally been to export the maximum and import the minimum. The U.S. financial culture, on the other hand, is focused on spending and borrowing. The U.S. has become the richest nation by using other people's money to finance its own growth.


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