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Paul Krugman and other economists have gone out of their way to admonish the Chinese for saving too much of what they earn. Although the macroeconomics of such a notion may be theoretically sound, in practice no one in China believes in the principle of saving less. Factory owners who are just getting on their feet postpone all purchases, major and minor, for years as they ramp up volume. Even if orders are coming in and the future looks bright, they always work first on setting aside a considerable nest egg. Some of the factory owners I have known socked away their retirement within the first four or five years of getting set up. These efforts go way beyond putting something aside for a rainy day. The net effect of this savings strategy is to put the factory boss in a stronger negotiating position. The American buyer who flies in from New York has no choice but to return home with a deal in hand. More likely than not, his company has serious bills and debt. He might have pleased his advisors by leveraging his financial position, but in the process, the importer put his company at a disadvantage in negotiations with his overseas suppliers.
What's Wrong With China
Paul Midler
the essence of the process is this: As long as the pen is moving, you’re doing the process perfectly.
Write for Your Life
Lawrence Block
The loftier the building, the deeper the foundation must be laid. —Thomas à Kempis
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