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Individualism, Collectivism, And The Wealth Of Nations

Author

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  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

This article summarizes findings in the contemporary economic literature related to the cultural dimension of individualism-collectivism and its impact on economic growth and development. The relative economic advantages of both types of cultures are being laid out. The channels through which individualist or collectivist self-perception and cultural beliefs influence economic outcomes are most often cited to be behavioral specifics, different institutional development paths, the motivation to compete and innovate, the quality of governance, the implications for economic activity of social capital and insurance networks. As successful economic examples rooted in both types of cultures exist in the past and present, the question which culture will dominate the economic future seems to have a less obvious answer than usually assumed by Western authors in the past decades.

Suggested Citation

  • Teodor Sedlarski, 2022. "Individualism, Collectivism, And The Wealth Of Nations," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 21(1), pages 189-228, April.
  • Handle: RePEc:sko:yrbook:v:21:y:2022:i:1:p:189-228
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    More about this item

    Keywords

    individualism; collectivism; economic culture; self-perception; game equilibria; economic growth; economic development; governance; institutional change; cultural beliefs; static efficiency; dynamic efficiency; networks; social capital; innovation.;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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