There were no major changes in the size of corporate donations, but those from private individuals dropped more than W11.7 billion. Since September, when the financial crisis that began on Wall Street crossed the ocean and began to shake the foundations of our economy, private donations have been dropping off. If the situation persists, then the amount of donations during the peak December to January season will fall far below the W198.5 billion collected last year.

Despite a full-blown economic slowdown, the United States has seen its donations, collected over a one-year period until the end of June this year, rise above $300 billion for the first time. From that amount, donations from private individuals amounted to $229 billion, up 2.9 percent from the same period last year.

This shows ordinary Americans think about their neighbors in need when times get tough. Donations in the United States account for 2.2 percent of its gross domestic product, worth $13.8 trillion. Donations in Korea, meanwhile, account for just 0.02 percent of its GDP of $970 billion. There’s a 14-fold difference in the size of the GDP, and a 100-fold difference in donations. Koreans are not so cold that they ignore their neighbors in need. The practice of giving needs to be taught and people must get used to it. That is what’s lacking.

Korea will import $90 billion worth of oil this year. And that figure could have risen even further if global crude prices had not fallen to below $60 a barrel after surging to $140 a barrel. But many Koreans are still intent on driving mid or large-sized cars. Only 30 percent of all the cars in Korea are compact or subcompacts with engine capacities of 1,500 cc or less. In Japan, cars that size account for 60 percent of all vehicles, while in Europe it’s 51 percent.

A large sedan with a 2,700 cc engine can travel 9 km on 1 liter of gasoline, while a subcompact with an 800 cc engine can travel 20 km on the same amount of fuel. A one-percent decrease in oil consumption translates into $9 billion in money saved. That’s more than W12 trillion. The size of the government’s comprehensive economic support package is W14 trillion, so the money saved is enough to cover another wide-ranging economic support program.

During the first and second oil shocks of the 1970s, and the Asian financial crisis that began in 1997, Koreans joined hands and pitched in to prop up the economy and help those in need. But these days, everyone seems to agree we are facing a “crisis” and that times are tough. But not much has changed in terms of our lifestyles.

Rather, the amount of money people bet on horse racing is said to have totaled W3.7991 trillion during the first half of this year. That’s up 17 percent or an increase of W552.6 billion compared to last year. During the same period, the motor boat industry saw sales rise 21 percent, while casinos catering to Koreans saw revenues rise 6.1 percent. The number of Koreans requiring professional counseling for gambling was 5,986 in 2006, rising to 7,970 in 2007 and 7,084 during the first half of 2008. Every weekend, off-track betting parlors are packed with gamblers.

The harsher times are, the more we should care for those in need. We should also think about how much imported oil can be saved by turning off a light and by preventing a car’s engine from idling another 10 minutes.

This does not mean that we should simply shut our wallets and stop spending. Exports, which had grown an average of 22.9 percent until the third quarter of this year, are expected to slow to the 10-percent range during the fourth quarter. If economic growth slows to the 3-percent range next year, then the growth in private consumption is projected to slow to 2.2 percent from this year’s 2.5 percent. If exports and private consumption both slow down, our economy will lose its growth momentum. While we must cut down on lavish spending on overseas trips, we should not cut back on buying items that would aggressively boost private consumption. While low-income households save, those who are more financially capable must spend in order to keep the economy moving.