Culture's Impact on Economic Development

Paper Summary:

This essay assesses two theoretical approaches (culturalist and culture-free perspective) on culture's impact on economic development and gives a sound response on whether the cultural issue has been exaggerated. Furthermore, this essay compares the economic development of growing Japan and declining Britain, in order to demonstrate the application of both views on real cases. The paper includes a table.

Paper Outline:
Introduction
Culture's Impact on Economic Development
Conclusion
Reference List

From the Paper:

"Lewis, Fitzgerald and Harvey (1996) particularly outline Neo-Confucianism's focus on savings and education to be the underlying cause of economic development. High rates of physical capital formation can be attributed to the Confucian values. "Savings are important to economic growth because they make investment possible, and investment is crucial to the upgrading of an economy over time" (Lewis, et al, 1996:65). Japanese competitive advantage of skilled labour is also the result of Confucianism's importance on education. "Most impressive perhaps is the fact that the expansion of enrolment in secondary schools and higher education in these countries over this time was higher than that of any other group of countries" (Lewis, et al, 1996:66)."

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