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Sept. 20, 2012
3:30 pm to 5:00 pm
Reception to follow
The George Washington University School of Business
Room 652, Duquès Hall
2201 G Street NW (22nd Street entrance)
Metro: Foggy Bottom Station
If the financial crisis has taught us anything, it is that Americans save too little, spend too much, and borrow excessively. What can we learn from East Asian and European countries that have fostered enduring cultures of thrift over the past two centuries? Beyond Our Means tells for the first time how other nations aggressively encouraged their citizens to save by means of special savings institutions and savings campaigns. The U.S. government, meanwhile, promoted mass consumption and reliance on credit, culminating in the global financial meltdown.
Many economists believe people save according to universally rational calculations, saving the most in their middle years as they plan for retirement, and saving the least in welfare states. In reality, Europeans save at high rates despite generous welfare programs and aging populations. Americans save little, despite weaker social safety nets and a younger population. Tracing the development of such behaviors across three continents from the nineteenth century to today, this book highlights the role of institutions and moral suasion in shaping habits of saving and spending. It shows how the encouragement of thrift was not a relic of indigenous traditions but a modern movement to confront rising consumption. Around the world, messages to save and spend wisely confronted citizens everywhere--in schools, magazines, and novels. At the same time, in America, businesses and government normalized practices of living beyond one's means.
Transnational history at its most compelling, Beyond Our Means reveals why some nations save so much and others so little.
Sheldon Garon is the Nissan Professor of History and East Asian Studies at Princeton University. A specialist in modern Japanese history, he also writes transnational history that spotlights the flow of ideas and institutions among the U.S., Japan, and European and Asian countries. His new book, Beyond Our Means: Why America Spends While the World Saves, examines what Americans might learn from European and East Asian nations whose public policies have vigorously encouraged citizens to save over the past two centuries. The book has received media attention from NPR, BBC, New York Times, The Guardian, Financial Times Deutschland, The Australian, and many other newspapers and magazines around the world. Previous publications include The State and Labor in Modern Japan, Molding Japanese Minds: The State in Everyday Life, and the co-edited volume, The Ambivalent Consumer: Questioning Consumption in East Asia and the West. He is currently writing a transnational history of "home fronts" in Japan, Germany, Britain, and the United States in World War II.