Does Culture Matter?

[Author][Course Code][Instructor][Date]Economic Development and CultureAccording to easter (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 woefuling paragraph eastern demonstrated the devastating implication of a single burster to economic development in many Third cosmea countriesNow , the assumptions of both classical economists and political economists are under run off . There is one element that both these theories ignored : fulfilment . Sociologists and cultural anthropologists often argued that there is no single selective information track to economic development when culture is taken into devotion . commercialise institutions and fr ee trade instruments have usually low word sense rates in many underdevelop countries (Easterly , 2001The reason is not obvious . Traditional methods of production and flip often composite economic principles . These traditional methods of production and convince constituted a significant part of culture .

For modelling , in the fifties , the so-called `trickle down deal became popular in the West . The idea is simple . The adoption of technology flows smoothly from the capitalist class to low income farming(a) families (Easterly , 2001 . Translated into income , the rate by which the capitalist class accumulates wealth is correlative with the rate by which low income agricultu ral families accumulates capital . In short ! , the approach benefits all individuals who adopt prescribed technologies (since these technologies augment production and advance efficiency Such approach was enthusiastically received by Third World countries in the mid-fifties and 1960s (Easterly , 2001 . still , after two decades of trial , it...If you need to get a full essay, order it on our website: OrderEssay.net

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