The Model of Economic Behavior of Indigenous Minorities of the North in the Context of Globalization

Abstract

This paper focuses on the findings of the theoretical and empirical study dedicated to the model of economic behavior of indigenous minorities of the North in the context of the globalization. Developed and verified in the empirical study, the model uncovers various strategies of economic behavior of indigenous minorities of the North. The identified strategies determined by internal (time attitude, values) and external (culture, sex, age) factors make different contributions to the perceived economic well-being of these peoples. The most significant and positive contribution is made by the balanced strategy of economic behavior: optimal ratio of savings, investments and activity, reliance on financial knowledge in making economic decisions, high level of economic self-regulation and self-control. Yet, the increased importance attached to material values, the pursuit to obtain them at the expense of good health and vocation, together with the distrust in financial institutions and actors, on the contrary, reduces the level of perceived economic well-being. The developed model can serve as the basis for the concept of transforming economic behavior of the indigenous minorities of the North.