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v4i2/426 The Best Economic System for Saving: A Global Perspective Sheik Mohamed sheikmohamedsh@sacas.
A College of Arts and Science.
Chennai.
India Nirmala.
nirmalasaravanan1012@gmail.
VISTAS.
Chennai.
India.
Baidawi Arrohman baidawiar@gmail.
Institut Darul Ulum Banyuanyar Pamekasan Madura.
Indonesia Zainol Fata zainoelfata@gmail.
Institut Darul Ulum Banyuanyar Pamekasan Madura.
Indonesia Abstract: This study addresses the problem of uneven and often inadequate saving behavior across countries, which is closely related to differences in economic systems.
The central issue examined is how capitalist, socialist, and mixed economic systems shape individual and national saving patterns amid global challenges such as rising living costs, consumerism, and economic uncertainty.
The objective of this study is to analyze the relationship between economic system characteristics and saving behavior, while identifying the institutional, policy-related, and cultural factors that influence saving The research employs a qualitative approach based on a literature review and comparative analysis of economic theories and global case studies.
Data are analyzed descriptively and analytically to highlight the mechanisms through which different economic systems encourage or constrain saving behavior.
The findings indicate that capitalist systems promote individual savings through market incentives and financial innovation, but they are often accompanied by inequality and overconsumption.
Socialist systems emphasize state-managed savings and collective welfare, which can reduce individual motivation to save.
Mixed economies demonstrate a more balanced approach by combining private initiative with social protection, thereby enhancing financial inclusion and economic resilience.
This study contributes to the literature by emphasizing that an effective and sustainable saving system requires the integration of individual responsibility, strong institutional support, and supportive cultural values to ensure longterm economic growth and financial stability in an increasingly interconnected global International Conference on Islamic Economic P-ISSN: 2829-5102.
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v4i2/426 Keywords: Economic.
System For Saving.
Global Perspective Abstrak: Penelitian ini membahas persoalan rendahnya dan timpangnya perilaku menabung di berbagai negara yang dipengaruhi oleh perbedaan sistem ekonomi.
Masalah utama yang dikaji adalah bagaimana sistem ekonomi kapitalis, sosialis, dan campuran membentuk pola tabungan individu maupun nasional di tengah tantangan global seperti konsumerisme, ketidakpastian ekonomi, dan meningkatnya biaya hidup.
Tujuan penelitian ini adalah untuk menganalisis hubungan antara karakteristik sistem ekonomi dan perilaku menabung, serta mengidentifikasi faktor institusional, kebijakan, dan budaya yang berperan dalam pembentukan pola tersebut.
Metode yang digunakan adalah kajian kualitatif berbasis studi pustaka dan analisis komparatif terhadap teori ekonomi serta studi kasus dari berbagai negara.
Data dianalisis secara deskriptifanalitis untuk menelusuri perbedaan mekanisme tabungan dalam masing-masing sistem Hasil penelitian menunjukkan bahwa sistem kapitalis mendorong tabungan individu melalui insentif pasar dan inovasi keuangan, namun rentan terhadap ketimpangan dan konsumsi berlebihan.
Sistem sosialis menekankan tabungan kolektif melalui negara, tetapi cenderung melemahkan motivasi individu.
Sementara itu, sistem ekonomi campuran relatif lebih seimbang dalam mendorong inklusi keuangan dan ketahanan ekonomi.
Kontribusi penelitian ini terletak pada penegasan bahwa sistem tabungan yang efektif memerlukan integrasi antara tanggung jawab individu, dukungan institusional, dan nilai budaya untuk mencapai pertumbuhan ekonomi yang Kata kunci: Ekonomi.
Sistem menabung.
Perspektif Global Introduction An economic system is the institutional framework through which a nation organizes production, distribution, and consumption of goods and It reflects the countryAos political philosophy, social priorities, and economic objectives (Samuelson & Nordhaus, 2.
The structure of an economic system whether capitalist, socialist, or mixed plays a fundamental role in determining individual and national financial behavior, including saving and investment decisions.
Saving, as a component of macroeconomic stability, is a key driver of capital formation, productive investment, and sustainable growth.
According to the International Monetary Fund (IMF, 2.
, higher domestic savings enable economies to reduce dependence on external borrowing and strengthen resilience during financial 246 | P a g e Submitted: 07-10-2025.
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v4i2/426 Globally, saving rates vary significantly across nations and are strongly influenced by their economic frameworks and cultural norms.
For instance.
Asian economies such as China.
Singapore, and South Korea demonstrate some of the worldAos highest household saving rates, driven by state policy, precautionary motives, and rapid industrialization (World Bank, 2.
Western capitalist economies like the United States and the United Kingdom show lower savings, largely due to high consumer spending and easy access to credit (OECD, 2.
These contrasts illustrate how structural and behavioral factors embedded within economic systems influence saving The importance of savings extends beyond personal financial security.
the macro level, national savings fund public investment, reduce fiscal deficits, and support long-term economic planning ((Feldstein, 2.
Economists argue that the relationship between savings and economic growth is bidirectional while savings enable investment, rising income levels further encourage saving (Modigliani, 1.
Thus, understanding the mechanisms through which economic systems shape saving behavior is critical for designing policies that foster both equity and efficiency.
Capitalist systems, built on private ownership and market competition, tend to encourage personal savings and investments through profit incentives and financial innovation.
However, they also risk income inequality and Socialist systems, by contrast, emphasize collective welfare and state-managed savings, often prioritizing redistribution over private wealth Mixed economies, seen in countries like Sweden.
India, and Germany, integrate market freedom with social protection, promoting both individual responsibility and state-supported savings programs (Piketty, 2.
This hybrid model is increasingly viewed as a balanced framework that supports sustainable savings and inclusive growth.
In the context of globalization and digital transformation, the ability of an economic system to sustain high saving rates has become a measure of its long- 247 | P a g e Submitted: 07-10-2025.
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v4i2/426 term viability.
Fluctuations in employment, inflation, and consumption trends have redefined saving behavior, making policy design more complex.
As global development, understanding the link between economic systems and saving patterns has become essential for both policymakers and researchers (World Bank, 2.
Therefore, this study aims to examine and compare how different economic systems influence saving behavior on a global scale.
It seeks to identify the system that most effectively balances personal financial security, collective welfare, and economic growth.
Through a comparative analysis of global case studies and economic indicators, the article explores the strengths and limitations of capitalist, socialist, and mixed systems in promoting saving efficiency and long-term economic sustainability.
Method The methodology applied in this study is library research, which is an approach that involves a series of activities aimed at collecting and analyzing data derived from relevant literature or library materials, (Mahmud 2.
The object examined in this study uses data obtained from library sources, particularly books, as the primary material for the research, (Hadi, 2.
The object of study in this research relates to "The Best Economic System for Saving:
A Global Perspective," where the data used is obtained entirely from various library sources, such as books, scientific journals, and related literature.
This research focuses on the analysis and comparison of various economic systems worldwide in the context of saving habits and strategies.
Through a library research approach, this study seeks to identify the principles, advantages, and challenges of each economic system in promoting an efficient and sustainable savings culture at the global level.
The approach used in this study is a qualitative descriptive approach, chosen to assist researchers in understanding and solving the problems raised.
248 | P a g e Submitted: 07-10-2025.
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v4i2/426 This approach allows researchers to describe in depth and develop various theories and concepts related to the Best Economic System for Saving: A Global Perspective.
Through this method, the author analyzes data obtained from various library sources such as books, documents, and other printed media, resulting in a comprehensive understanding of the practices and principles of saving in various economic systems at the global level The data in this study are divided into primary and secondary data.
Primary data includes various books and documents that directly discuss the concepts and principles in The Best Economic System for Saving: A Global Perspective.
Meanwhile, secondary data includes indirect sources such as scientific journals, articles, reports, and other written literature that support and enrich the research analysis.
Both types of data are used in an integrated manner to gain a comprehensive understanding of the global economic system that is most effective in encouraging savings habits.
Result and Discussion The Concept and Importance of Saving Saving is generally defined as the portion of disposable income that is not consumed immediately but set aside for future use, either for personal security or investment purposes (Keynes, 1.
It serves as a crucial link between consumption and investment, influencing both individual well-being and national economic stability.
At the microeconomic level, savings enable individuals to manage financial risks, meet future expenditures, and achieve long-term goals such as education, housing, or retirement.
At the macroeconomic level, savings constitute a major source of funds for capital accumulation, which in turn drives industrial expansion and economic growth (Solow, 1.
The importance of saving lies in its ability to create a foundation for sustainable economic development.
According to International Monetary Fund .
the, economies with higher domestic saving rates tend to experience 249 | P a g e Submitted: 07-10-2025.
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v4i2/426 faster growth due to the availability of funds for productive investments.
Savings finance both private and public investment projects, reducing dependence on external borrowing and enhancing fiscal stability.
Furthermore, saving acts as a buffer against financial crises, allowing economies to absorb shocks caused by inflation, unemployment, or global market fluctuations (World Bank, 2.
Several factors influence the level of saving within an economy.
Income level is one of the most significant determinants individuals with higher disposable income generally save more, as suggested by the Absolute Income Hypothesis (Keynes, 1.
and the Life-Cycle Hypothesis (Modigliani, 1.
Interest rates also play a vital role, as higher returns on deposits encourage households to save rather than consume.
Inflation, on the other hand, can erode the real value of savings, discouraging long-term deposits if not managed Fiscal policies such as taxation on interest income or governmentsponsored savings schemes also impact the overall saving behavior of a population (Feldstein, 2.
Cultural attitudes and social norms further shape saving tendencies across nations.
For instance.
East Asian economies are characterized by strong cultural emphasis on thrift and long-term planning, leading to consistently high saving rates (OECD, 2.
In contrast.
Western economies with consumerdriven lifestyles tend to exhibit lower household savings.
Moreover, the presence of well-structured financial systems and social safety nets influences individualsAo motivation to save.
where social security is limited, people tend to save more for precautionary reasons (Deaton, 1.
Therefore, saving is not merely an economic act but a behavioral and institutional phenomenon that reflects both personal prudence and national It determines the availability of investment capital, influences interest rates, and supports long-term financial sustainability.
Encouraging higher savings through policy reforms, financial literacy, and inclusive banking 250 | P a g e Submitted: 07-10-2025.
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v4i2/426 systems is essential for strengthening economic resilience and promoting equitable development.
Overview of Major Economic Systems Economic systems define the institutional and structural arrangements through which societies organize production, distribution, and consumption of goods and services.
The three major forms capitalism, socialism, and mixed mechanisms, and the role of government in economic decision-making (Samuelson & Nordhaus, 2.
Each system produces unique incentives and policy frameworks that influence how individuals and institutions behave, particularly in areas such as savings, investment, and consumption.
Capitalism is characterized by private ownership of resources and a reliance on market mechanisms to allocate goods and services.
It operates on the principle of competition, profit maximization, and individual economic freedom (Friedman, 1.
Under capitalist systems, such as those in the United States.
Japan, and South Korea, individuals are motivated to save and invest for personal gain, which in turn stimulates productivity, innovation, and The availability of advanced financial institutions such as stock markets, mutual funds, and private banks creates multiple avenues for saving and investment.
However, capitalism can also lead to income inequality, as wealth accumulation is unevenly distributed, affecting saving capacity across different socioeconomic groups (Piketty, 2.
Socialism, in contrast, is based on state or collective ownership of production resources.
Economic planning replaces the market mechanism, and decisions regarding production and distribution are made by the government to promote equality and social welfare (Marx, 1867.
Lange, 1.
In socialist economies, such as those historically found in the former Soviet Union or present-day Cuba, savings are often centralized in state banks or government The state typically uses these collective savings to fund infrastructure, welfare, and industrial projects rather than allowing individuals 251 | P a g e Submitted: 07-10-2025.
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v4i2/426 to accumulate private wealth.
While this system minimizes economic disparities, it can also reduce incentives for personal saving and innovation due to limited private ownership and profit motive (Kornai, 1.
Mixed economies represent a synthesis of the capitalist and socialist They combine market-driven efficiency with state intervention to achieve social and economic balance (Stiglitz, 2.
Countries such as Sweden.
India, and Germany are prime examples of mixed economies where private enterprise coexists with strong regulatory and welfare mechanisms.
In such systems, the government plays an active role in ensuring fair income distribution, stabilizing financial markets, and providing social safety nets.
Mixed economies encourage savings through both private and public channels households save through banks and investments, while the state promotes longterm stability through fiscal and monetary policies (OECD, 2.
This dual approach allows for both individual financial growth and collective welfare, often resulting in sustainable and inclusive economic progress.
Overall, the structure of an economic system profoundly affects saving Capitalist economies rely on personal motivation and market-based incentives, socialist systems depend on centralized planning and redistribution, and mixed economies attempt to harmonize the strengths of both.
The interaction between these structures and national financial policies determines how effectively an economy can mobilize savings and convert them into productive investments.
Savings Behavior Across Economic Systems Saving behavior varies significantly across economic systems due to differences in institutional structures, policy orientations, and socio-cultural The capacity and motivation to save are shaped by economic incentives, government intervention, and financial infrastructure.
Capitalist, socialist, and mixed economies each create distinct conditions that influence how individuals, households, and the state approach saving and investment (Keynes, 1936.
Modigliani, 1.
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v4i2/426 Capitalist economies are largely characterized by individual freedom in financial decision-making, where savings are driven by personal income levels, interest rates, taxation policies, and access to investment opportunities.
countries such as the United States.
Japan, and South Korea, household savings are strongly linked to market confidence and economic stability.
The availability of diverse financial instruments such as stocks, mutual funds, and pension schemes encourages individuals to save for long-term security and wealth creation (Friedman, 1.
For instance.
JapanAos high household saving rate during the postwar period was largely attributed to cultural thrift, limited social security, and rapid industrialization (Horioka & Watanabe, 1.
Conversely, the United States exhibits lower household savings, primarily due to high consumption patterns and easy access to consumer credit (OECD, 2.
Thus, capitalist systems promote voluntary saving, but the extent depends on financial literacy, policy incentives, and income distribution.
In socialist economies, saving behavior is predominantly collective rather than individual.
The government typically controls financial institutions, sets interest rates, and redistributes income to ensure equity and social welfare (Lange, 1938.
Kornai, 1.
As a result, individual saving options are limited, while the state channels national savings toward planned economic objectives, such as industrial production, infrastructure, and social programs.
For example, in the former Soviet Union, state banks accumulated household deposits and reinvested them in public enterprises and collective farms (Gregory & Stuart, 2.
While this approach ensured a steady flow of investment capital, it also reduced personal incentives to save due to the absence of private profit mechanisms and restricted consumer choices.
Mixed economies combine the strengths of both capitalism and socialism by encouraging private saving while maintaining public investment and welfare Countries such as India.
Germany, and Sweden represent this hybrid model, where market mechanisms coexist with state regulation to promote inclusive growth (Stiglitz, 2.
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v4i2/426 in financing public development projects, supported by government-backed schemes such as the National Savings Certificate and Public Provident Fund (World Bank, 2.
Similarly, in Sweden and Germany, state-sponsored pension funds, social insurance, and tax incentives encourage both personal and institutional saving (OECD, 2.
These economies demonstrate that fiscal discipline, monetary stability, and strong regulatory frameworks enhance saving efficiency without suppressing individual freedom.
Overall, the pattern of saving behavior across economic systems reflects the balance between personal motivation and state intervention.
Capitalist systems rely on individual initiative and market-based incentives, socialist systems depend on centralized planning and redistribution, while mixed economies strive to achieve both economic efficiency and social equity.
Empirical research suggests that mixed economies often achieve higher saving sustainability, as they mitigate the inequalities of capitalism and the rigidity of socialism (Piketty, 2.
Therefore, flexible policy design and balanced governance remain essential for fostering a healthy saving culture in the global Tabulation 1: Global Case Studies Country Singapore Research Source IMF, 1995 Ae Saving Behavior in Industrial Developing Countries Economi Policy Factors Disciplin ed fiscal Cultural/Beha vioral Factors Cultural Impact Saving Rate High Discussion SingaporeAos high saving result of a and cultural emphasis on Government -managed 254 | P a g e Submitted: 07-10-2025.
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v4i2/426 Switzerland China Guin.
Ae Culture and Household Saving Advance nt plans Cultural Germanspeaking Loayza.
SchmidtHebbel.
& Servyn, , 2000 Ae Saving in Developing Countries Socialistmarket Norms High Very y spending, fiscal policies ensure longterm Switzerland, support from norms that favor saving Regional borders, also play a role in ChinaAos savings are high due to a mix of policy and cultural The 255 | P a g e Submitted: 07-10-2025.
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v4i2/426 nt focus United States Edwards, , 1995 Ae Why Are Saving Rates Different Across Countries? Consume r-driven access to Culture Low limited social welfare and support and The exhibits low saving rates due to a culture and Government incentives to Behavioral Economic and Policy Influence: Countries with strong fiscal discipline, government-backed pension schemes, and policies promoting savings (Singapore.
China.
Switzerlan.
tend to maintain higher saving rates.
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v4i2/426 Conversely, policies that stimulate consumption or rely on credit availability (United State.
correlate with lower savings.
Cultural Factors: Cultural attitudes toward thrift, future planning, and family responsibility significantly influence household saving behaviors.
For example.
Switzerland and China show how cultural norms complement economic policies to sustain high savings.
Institutional Support: Reliable banking systems, retirement plans, and financial services infrastructure play a pivotal role in encouraging consistent saving.
Interplay of Factors: High savings are generally a result of the combined influence of economic policy, cultural values, and institutional frameworks.
Countries that excel in one domain but lag in another may still face moderate saving rates.
Determinants of a Successful Savings System A successful savings system depends on a combination of economic, institutional, and policy factors that create a favourable environment for individuals and households to save.
Macroeconomic stability, characterized by low inflation and predictable economic growth, ensures that the value of savings is preserved over time, making it more attractive for people to set aside Effective financial institutions, such as reliable banks and investment platforms, provide secure and accessible avenues for saving, while government policies, including attractive interest rates, tax incentives, and regulatory protections, further encourage prudent financial behavior.
Strong social security systems and financial education play an equally important role by reducing the need for precautionary savings and equipping individuals with the knowledge to make informed financial decisions.
Ultimately, the most successful savings systems strike a balance between individual responsibility and collective welfare, combining personal financial planning with government support to promote both economic growth and social stability.
Countries such as Singapore and Switzerland exemplify this approach, demonstrating high national saving 257 | P a g e Submitted: 07-10-2025.
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v4i2/426 rates resulting from the interaction of stable policies, strong institutions, and cultural values that favor thrift.
Challenges and Limitations Every economic system faces significant challenges in encouraging individuals to save money, though the nature of these challenges varies depending on the structure of the system.
In capitalist economies, one major obstacle is widening income inequality.
As wealth becomes increasingly concentrated among the upper class, lower-income groups often struggle to cover basic living expenses, leaving little room for savings.
This makes it difficult for large portions of the population to build financial security.
contrast, socialist economies, where the government typically provides extensive social services and controls much of the economy, often face a different issue: excessive state control can reduce individual motivation to save.
When people rely heavily on state provisions such as free healthcare, education, and pensions, they may see less need to set aside personal savings for the future.
Mixed economies, which incorporate elements of both capitalism and socialism, face the challenge of balancing market efficiency with social equity.
Efforts to regulate markets in the interest of fairness can sometimes create conflicting incentives or uncertainty, which may discourage saving.
Beyond the structural characteristics of each economic system, there are also global challenges that affect all economies.
Globalization has increased access to goods and credit, encouraging consumer spending.
At the same time, rising living costs in areas such as housing, education, and healthcare reduce the ability of individuals to save.
Furthermore, a widespread consumer culture, driven by advertising and social trends, promotes short-term consumption over long-term financial planning.
Together, these factors make saving a complex issue that transcends any one economic model.
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v4i2/426 Conclusion Saving is a critical component of both personal financial well-being and national economic stability.
It plays a pivotal role in capital formation, economic growth, and crisis resilience.
As this study has shown, the nature and effectiveness of saving behavior are deeply influenced by the structure of a countryAos economic system whether capitalist, socialist, or mixed.
Capitalist economies tend to rely on market incentives and personal responsibility, opportunities, but often at the cost of rising inequality.
Socialist economies emphasize collective welfare and centralized planning, which can provide stability but may limit personal motivation to save.
Mixed economies attempt to strike a balance between these two extremes, integrating private enterprise with social protection to support both individual initiative and public welfare.
Beyond these structural differences, global economic trends and cultural norms also play significant roles in shaping saving behavior.
Countries with disciplined fiscal policies, robust financial institutions, and strong cultural values of thrift such as Singapore.
Switzerland, and China have demonstrated consistently high saving rates.
Conversely, economies driven by consumption and easy access to credit, such as the United States, often struggle with low household savings.
Despite their varied approaches, all economic systems face common challenges in promoting savings, including globalization, rising living costs, and the pressures of consumer culture.
Therefore, successful savings systems are those that integrate sound macroeconomic management, effective financial infrastructure, inclusive policies, and financial education, all while respecting cultural contexts.
For policymakers, the key lies in designing adaptive strategies that balance individual responsibility with systemic support.
In an increasingly complex global economy, understanding the interplay between economic systems and saving behavior is essential for fostering long-term economic sustainability and inclusive development.
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v4i2/426 References