Affiliation:
1. Harvard University; IGIER Bocconi
2. UCLA Anderson School of Management
Abstract
The second part of the paper considers interconnections and interactions of culture and formal institutions and demonstrates the role of culture in economic development. In particular, it shows the importance of individualism, cooperation, trust, and various forms of regulation. It considers and compares different characteristics of the labor market and social policy. It also demonstrates the feedback effects between culture and institutions in various contexts.
Subject
Economics and Econometrics,Finance
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