Showing posts with the label risk avoidance

A Culture of Economic Engagement Creates National Growth

Culture and economics not often something that are seen together as its smacks of elitism. However, culture as a belief system has a noticeable impact on societal behavior and the everyday choices people make that contribute to economic development. A paper by Svetlana Overbaugh, indicates that culture should be a major consideration in the determination of countries that are ripe for international investment and growth (2013). Falling trade barriers, communication improvements, and shipping improvements have opened the markets to major change. Those nations that are likely to succeed have the right culture and infrastructure to capitalize on this change. As Asian countries zoom ahead in growth, Americans and Western European nations continue to lose market share. The time for regeneration based upon basic cultural principles may be needed to reclaim the marketplace. The degree of economic freedom and the pace of a country’s growth influence its economic competitiveness (Joh