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CULTURE’S CONSEQUENCES FOR ECONOMIC DEVELOPMENT
CULTURE’S CONSEQUENCES FOR ECONOMIC DEVELOPMENT: AN EMPIRICAL EXAMINATION OF CULTURE, FREEDOM, AND NATIONAL MARKET PERFORMANCE Steven D. Papamarcos and George W. Watson1
ABSTRACT In this study we empirically examine the role of culture in encouraging or discouraging country-level economic performance. We find that, when it comes to economic growth, not all cultures are created equal. For the global company and the practicing manager, our results indicate that cultural values appear to have some statistically significant and operationally meaningful economic effects. We also evolve and test a more encompassing framework within which cultural and political factors continuously interact to enable or discourage growth. Our interactive model explains fully 51 percent (p
