Is Confucianism over ?

Huh, that's interesting, i haven't been writing on this blog for more than half-year, and crisis is still alive, as the economists. They are trying to define the fundament reasons caused this global turmoil. From Aghion, Acemoglu, through Allan Schick until those whose name i don't even know.

Caused by savings?

Now, there is a newly presented explanation about the global turbulence from the pen of Floyd Norris.

Norris suggest that we have to seek the explanatory variables in the circumstense of the chines behavior, their high savings ability and willingness could substantially way trigger what happend.

Their savings (it's about 2500 billion dollar per year) could boost the big consumption of U.S households.

What did saving-prone behavior cause?

With respect to Norris's oppinion, i have to ask something interesting, from where did these huge propensity to save come? Some analysts says, it's confucianism, and old habits. I don't think so, i believe that these cultural habit, and willingness was fed from other resources, and it's the victim of chinese economic system rather than confucianism. As we all know, the chinese-leadership is about to controll peoples' life, to filter out certain internet-circulation and so on, and last but not least, provide or not provide some common services, e.q. pension and health care system. In the absence of these mentioned system chinese people are forced to save an enormous part of their payment for latter time, when they will old, and have to care about themselves.

Albeit, obviously, these model can not be sustainable after these crisis, cause chines will have to chose between two alternative: 1. either continue saving-habit and lose theirs jobs 2. or they begin to consume in order to save chine's industry.