Profligacy is the new prudence. But in Asia, where saving has long been a self-evident virtue, that message has yet to catch on.

That is a problem for the world, which has decided it is high time Asians stepped up to the plate, or more precisely the cash register. After decades of predicating growth on piled-up savings, weak currencies and hyper-demand from shopaholic Americans – hitherto the world’s buyer of last resort – Asians must now start spending some of their hard-earned cash on themselves.