Culture and economic development: an exploratory study of selected Indian cultural and temporal values
BEVERLEE ANDERSON, CALIFORNIA STATE UNIVERSITY SAN MARCOS, USA
Abstract: As F. Fukuyama (2001) wrote, “the biggest challenge . . .is to find a way to incorporate cultural factors into theoretical and empirical models . . .in use by economists.” He and others understand that, while controversial, culture does play a role in exchange, savings, and investing, which are fundamental to economic development. Fukuyama says culture impacts economic behavior in “at least four ways: through organization and production; through attitudes towards consuming and work; through the abilities to create and manage institutions; and through the creation of social network (pp 3132-34). Through each of these, economic development can be promoted or inhibited and the sustainability of the development is greatly impacted by the long or short-term view of time. The study reported here focuses on India, a country in the throes of transforming itself from a “closed bureaucratic state into one of the world’s fastest growing economies” (Mattu 2009). Time and values data were collected from students enrolled in post-graduate business programs in Mumbai, India. Based on the reported values and temporal perspectives, conjecture is made as to how these values will impact economic behavior, which in turn will impact the development and sustainability of India’s efforts to modernize and globalize its economy.
Keywords: Asian values, Economic Development, Time models, India