Social And Cultural Values On Economic Development

Social and cultural values directly affect economic development through the attitudes toward progress and changes in perspective. Dynamics of economic development in different countries vary as those countries recognize the different values and views on the economy. Some societies that are valuing achievement and personal gain experience a greater and faster level of economic development than the societies that discourage personal achievement and collection of wealth. â€Å"Changes in social structures occurring during the process of economic growth can be considered direct consequences of this process, while other changes are caused by factors such as technological progress, that affect simultaneously social structures and growth† (Bourguignon 2011). Due to the today’s advanced technologies and degrees of development, one could argue that society is experiencing the golden age. However, this economical development has caused some significant damages and has created a wide-range pool of disadvantages to the still developing third world countries - raise in social inequality with the declining quality of life and the lack of opportunities, limited freedom of speech and individual rights resulting in resignated approach and attitudes toward the world’s problems, and issues as well as a weak decision-making power in global problems. With that being said, how can we define the economic development? In economics, there is a continuing movement that is taking place. The economyShow MoreRelatedUnderstanding Culture, Development and Interrelationship1622 Words   |  7 PagesRelationship of Culture and Development Introduction The center of attention is to see the relationship between culture and development by understanding both the phenomenon’s conceptually. 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