Seguino and Floro (2003) find that, fora group of semi-industrialized countries, higher incomes and more bargaining power for women are associated with higher aggregate savings rates. Rather than centre their decisions on expected profit rates, individuals invest in themselves and others based on expectations about future economic opportunities. Higher wage shares boost those expectations, as does more current economic activity as measured by output. The pathway from expectations about future opportunities to actual investments in human capacities isgoverned by what we term ‘caring spirits': the tendency - whether determined by social norms, individual motivation or public preferences as reflected in the structure of the social welfare state - to provide care (or support for care) for oneself and others in ways that add tocurrent aggregate demand and future economic productivity.