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 following paragraph Easterly demonstrated the devastating implication of a single lead to economic development in many Third founding countriesNow , the assumptions of both classical economists and political economists are under flame . There is one element that both these theories ignored : finis . Sociologists and cultural anthropologists often argued that there is no single grade to economic development when culture is taken into consideration . grocery store institutions and free trade instruments have usually low adoption rates in many underdeveloped countries (Easterly , 2001The reason is non obvious . Traditional methods of production and exchange often secret economic principles . These traditional methods of production and exchange constituted a significant part of culture .

For example , in the fifties , the so-called `trickle down appeal became popular in the West . The idea is simple . The adoption of technology flows swimmingly 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 families accumulates capital . In short , the approach benefits all individuals who adopt prescribed technologies (since these technologies increase production and improve efficiency Such approach was enthusiastically received by Third World countries in the 1950s and 1960s (Easterly , 2001 . hitherto , after two decades of trial , it...If you want to get a full essay, order it on our website: Ordercustompaper.com

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