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Analysis of the role of collectivism in light of the recent literature on the big triangle: Institutions, culture, and economic development
[journal article]
Abstract Why do similar economic and political institutions function differently in various cultures? Do cultural traits, differences in individualism versus collectivism, have a causal impact on economic behavior and development? This article presents a recent survey of the literature on the relationship be... view more
Why do similar economic and political institutions function differently in various cultures? Do cultural traits, differences in individualism versus collectivism, have a causal impact on economic behavior and development? This article presents a recent survey of the literature on the relationship between culture, institutions, and economic growth. On the one hand, part of the literature indicates that there is a one-way causality from culture to institutions and economic performance. On the other hand, there is an extensive literature that has established causality from institutions to economic growth and culture. However, a growing body of empirical research demonstrates that culture and institutions interact in two ways and complement each other affecting long-term growth. Research documents cultural variables affecting a great deal of economic activity and institutions across the world. Recent dominant discourse on the role of the individualism-collectivism cleavage in the determination of the wealth of nations has attempted to examine the positive effects of individualism rather than collectivism. This paper shows that the advantages of collectivism have been rarely researched within economic literature. Taking into account collectivism can shed light on various puzzles in economics, such as solving collective action problems.... view less
Keywords
culture; collectivism; individualism; economic growth
Classification
Social History, Historical Social Research
Other Fields of Economic Sciences
Free Keywords
institutions; economic development; family ties
Document language
English
Publication Year
2021
Page/Pages
p. 185-199
Journal
Russian Journal of Economics, 7 (2021) 3
ISSN
2618-7213
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0