Eager to spend v. thrift being virtuous
Individualism v. collectivism
- Government as problem v. government as solution
- US entrepreneurs avoid the government. Chinese entrepreneurs cooperate with the government
- Respect for law v. respect for authority; rule by law v. rule by people
- US risk taking causing financial crisis is all legal
- Chinese illegal behavior hurts many people but does not affect system. Corruption rampant in China.
- Because of cultural differences “China model” might not fit other countries, as “Washington consensus” may not.
- Of course some of China’s experience in economic development is useful.