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Monday, January 25, 2010

Does Culture influence economy or does economy influence culture

Does culture have a hand in the growing or dropping of the economy or does the rise and drop of the GDP change our values and beliefs?

I was reading about how business can benefit from thinking broadly about society and I realized it left me thinking how culture and economy affect each other and that's why i asked the above question.

My position on this is that culture influences the economy. Culture is defined as a shared system of values and beliefs, having strong values and common principles not just as an individual but as a company, a leader and especially as a group improves the communication framework which in essence improves economy around you due to the common understanding and easy decision making processes.

Lets look at countries with political imbalance and high corruption rate are trying to improve the economy with much not happening and this is due to lack of values and a culture that does not permit change hence reducing investment opportunities.

A culture that people care about motivates them to work at improving it and hence anticipate good change.

1 comment:

Unknown said...

Jane,
I totally a gree with you that culture influences the economy. In this scenario we can give an example of a country that has multipartism if there is no culture then the economy of a country dies for example fighting corruption.