If you just look around you, it'll be obvious that the way we act and maybe the way we think has changed. In lots of places, addiction to spending has become an aversion.
So just what are we cutting back on, and is it a permanent change or just post-binge remorse?
In this week's Taking the Pulse of the Global Economy, BBC reporters and correspondents bring you the big picture, plus a few telling vignettes from around the world.
In India, the recent growth rate of 9% has slowed dramatically to about 6% this year. It is a rate of growth that most countries would be pleased with, but it is still below what people in India are used to, so they are cutting back.
First broadcast 11 August 2009