Does Culture Matter?

[Author][Course Code][Instructor][Date]Economic Development and CultureAccording to east (2001 , attempted remedies to underdevelopment (like loans , FDI , population control ) are generally determined by non-economic factors such as demographic variables , cultural characteristics , and political systems . In the fol natural depressioning paragraph east wind demonstrated the devastating implication of a single three to economic development in many Third establish countriesNow , the assumptions of both classical economists and political economists are under attack . There is one element that both these theories ignored : extent . Sociologists and cultural anthropologists often argued that there is no single class to economic development when culture is taken into consideration . mart store institutions and free trade in struments have usually low adoption rates in many underdeveloped countries (Easterly , 2001The grounds is non obvious . Traditional methods of production and exchange often arcanum economic principles . These traditional methods of production and exchange constituted a significant part of culture .

For example , in the mid-fifties , the so-called `trickle down appeal became popular in the West . The idea is simple . The adoption of technology flows smoothly from the capitalist class to low income agricultural families (Easterly , 2001 . Translated into income , the rate by which the capitalist class accumulates wealth is correlated with the rate by which low income agricultural fam ilies accumulates capital . In short , the ! salute benefits all individuals who adopt prescribed technologies (since these technologies increase production and mitigate efficiency Such approach was enthusiastically received by Third World countries in the 1950s and 1960s (Easterly , 2001 . as yet , after two decades of trial , it...If you want to get a full essay, order it on our website: OrderEssay.net

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