Culture, Growth and Economic Policy

1. Front Matter

   Pages i-x

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2. Introduction

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   Pages 1-5

3. The Foundations

   1. Front Matter

      Pages 7-7

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   2. Human Needs and Cultural Background

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      Pages 9-18

   3. The Construction of Cultural Background

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      Pages 19-28

   4. Culture in Economic Thinking

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      Pages 29-49

   5. Cultural Background and Economic System

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      Pages 51-69

   6. The Effect of Cultural Background on Incentives, Growth and Distribution, and Vice Versa

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      Pages 71-80

   7. Cultural Background and Rationality

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      Pages 81-93

4. The Cultural Dimensions and the Cultural Background Change

   1. Front Matter

      Pages 95-95

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   2. Cultural Surveys

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      Pages 97-115

   3. Collectivism as an Aid or Obstacle to Economic Growth

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      Pages 117-130

   4. Power Distance, Uncertainty, Time and Growth

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      Pages 131-142

   5. The Cultural Background Change

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      Pages 143-158

5. Cultural Background, Growth and Policy

   1. Front Matter

      Pages 159-159

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   2. Economic Growth and Cultural Background

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      Pages 161-171

   3. Cultural Background, Transaction Costs and Economic Institutions

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      Pages 173-181

   4. The Effects of Culture, Transactions and Institutions on Opportunity Entrepreneurship

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      Pages 183-193

   5. The Effects of Cultural Background and Knowledge Creation on Self-Employment and Entry Density Rates

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      Pages 195-203

   6. Cultural Background, Growth and Economic Policy

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      Pages 205-219

It is a wide-spread belief that the cultural background inhered in a society affects the requirements of economic development. This relationship requires theoretical and empirical justification. The present book provides this together with an analysis of the development of cultural background itself. Cultural background is embodied in political institutions, in transactions, knowledge, incentives, in social capital, even in the tangibles of the economy. Thus, economic development is shaped and the rate of growth is affected. Conversely, economic development affects cultural background. When this interaction takes place at a non-developmental cultural background level, which is associated with low growth rates, then a growth trap is formed. Within such a growth trap, economic policy (public and monetary) is relatively deactivated and the conditions influencing the change in cultural background and its timing are of primary importance.

• Cultural Background
• Economic Development
• Economic Growth
• Political Institutions
• Religion
• Social Capital

• Department of Economics, University of Athens, Athens, Greece

  Panagiotis E. Petrakis

P.E. Petrakis is professor of economics at the University of Athens, Department of Economics. His main fields of interest are economic growth, entrepreneurship and economic policy.

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