"Beyond Our Means: Why America Spends While the World Saves" by Sheldon Garon (Princeton University Press, $29.95) Reviewed by Larry Cox Americans are spendthrifts when compared with many other parts of the world. We save little, even though the United States has weaker social safety nets and a relatively youthful population. Europeans, on the other hand, save at much higher rates despite generous welfare programs, higher taxes and aging populations.

In a fascinating new book, professor Sheldon Garon of Princeton University traces the development of saving money across three continents from the 19th century through today.

He found that Americans were fairly good savers during and immediately after World War II, but attributes it to the public's expanded access to savings institutions. U.S. savings bonds and stamps could be purchased, for example, at work, school and even the local post office.

It's no secret that saving money in the United States has dropped since the 1950s. Commercial banks are less willing to maintain and encourage savings accounts from people of modest means, while the opposite is true in Europe and East Asia. There, many of the 19th-century institutions welcome even small accounts, including Germany's Sparkassen (savings banks), France's special accounts in savings and postal banks, Japan’s massive postal savings system and China’s highly accessible state banks and postal savings system.

The Chinese save 26 percent of disposable income, and the Japanese about 23 percent. In continental Europe, Germans, French, Swedes and others save more than 10 percent of household disposable income, while Americans save only a small fraction of that amount.

Why the difference between the United States and other countries, and can saving money become sexy again in our post-global-financial-meltdown economy?

Will the Occupy Wall Street demonstrations become a wakeup call for Americans to take a sobering look at their personal finances?

Garon believes the tide can turn, and offers some levelheaded policy suggestions for how America can restore a lasting balance between spending and saving.