Global culture and economy increasingly stem from what three regions and what three cities10/9/2023 ![]() ![]() The spiral of cultural and economic change In times of economic change or shock, therefore, when the values of the wider environment are in flux, there may be an impact on the transmission of family values.Īn economic shock – such as the opening of a market – can bring about permanent changes in personal values, cultures and preferences in a way that is not easily reversible When parental values are aligned with those of society, they trust their environment and expend less effort to educate their children. Cultural transmission is seen, therefore, as the outcome of interactions between decisions around socialization within the family and other socialization processes such as social imitation. Based on this approach, it is possible to analyze the influence of economic activities and social institutions on the dynamics of preferences, values and beliefs. The decision to transmit a cultural heritage is a compromise between preferences, cost, and access to information. In parallel, Thierry Verdier and Alberto Bisin have proposed models where the transmission and inheritance of cultural traits are linked to a person’s preferences and resources. They have demonstrated empirically, for example, that the level of trust that people have in their country’s institutions and fellow citizens influence many aspects of economic activity (such as international trade). Over the last ten years, economists such as Guiso, Sapienza, and Zingales have been exploring the relationship between culture, values, individual preferences and the economy, focusing on the unidirectional impact of culture on the economy. ![]() In contrast, other social sciences such as anthropology, sociology and psychology operate on the principle that culture and individual preference may evolve and be influenced by their environments. Economic research usually treats cultural identity and individual preferences as exogenous fixed factors on which to develop analyses and draw conclusions. ![]()
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