Chinese economic growth during the past several decades has been staggering. Since the 1979 market reforms China has been one of the fastest growing economies in the world, with an average annual gross domestic product (GDP) growth rate of nearly 10%. Per capita income has grown in rough accord with the economy, particularly in urban areas.
Financial and material aspirations have indeed increased in China, particularly among individuals born during the post-reform era. The shift in aspirations may present a hidden threat to employee happiness.
The relationship individual financial aspiration and lower levels of happiness among western workers has been colloquially referred to as the “dark side of the American dream”. This hallmark of American consumerism is now, in the modern era of globalization, becoming an artifact of liberal markets and impartial to national boundary.
We’re currently investigating the relationships between economic development, financial prosperity, and values with employee well-being.
Monnot, M. J. (In press). Marginal utility and economic development: Intrinsic verses extrinsic aspirations and subjective well-being among Chinese employees. Social Indicators Research.