Those with access to finance appear to be capable of resisting the urge to locate production in poor low-wage parts of the world (China aside). Rather than leading rich-country savers to invest their money in poor countries out of greed, liberalization of capital flows has led poor-country savers to park their money in rich countries out of fear – fear of political instability, macreconomic disturbances, and deficient institutions (especially those that protect the rights of bondholders and minority shareholders).