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Spring 2017

ISSN 0890-913X

Volume 32, Number 1

Categories: Spring 2017 | Economic development

The Role of Cultural Values in the Formation and Survival of Pro-Growth Institutions

Michelle Albert Vachris, Christopher Newport University

Justin P. Isaacs, Hampden-Sydney College

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TheJournalofPrivateEnterprise32(1),2017,89–113TheRoleofCulturalValuesintheFormationandSurvivalofPro-GrowthInstitutionsMichelleAlbertVachrisChristopherNewportUniversityJustinP.IsaacsHampden-SydneyCollege______________________________________________________AbstractThispaperexaminesthelinkbetweencultureandthedevelopmentofinstitutionsthatpromoteeconomicgrowth.Specifically,weanalyzetherolethatculturalnormsplayinthechangeandvolatilityofeconomicandpoliticalfreedoms.Weemployseveralempiricalspecificationstoinvestigatetheinfluencethatinformalculturalnormsmayhaveonthepermanenceofchangesineconomicandpoliticalinstitutionswhencontrollingforexistinglevelsofeconomicoutput,internationaltrade,andeducationalattainment.______________________________________________________JELCodes:O40Keywords:growth,culture,economicfreedom,politicalfreedomI.IntroductionInTheRoadtoSerfdom,Hayekexplainshowmarkets(economicfreedom)willleadtoahigherstandardoflivingthancentralplanningbecausethepricesystemincorporatesalotofdecentralizedinformation—moreinformationthanacentralplannercouldpossiblyobtainandemploy.Hayekmaintainsthatpoliticalfreedomandeconomicfreedomarelinked,describingeconomicfreedomas“theprerequisiteofanyotherfreedom.”ToHayek,“onlywithinthis[capitalist]systemisdemocracypossible.Whenitbecomesdominatedbyacollectivistcreed,democracywillinevitablydestroyitself.”Likewise,inCapitalismandFreedom,Friedmanstressestheimportanceofpropertyrightsanddescribesalinkbetweeneconomicfreedomandpoliticalfreedom.Hemaintainsthatfreeenterpriseis“anecessaryconditionforpoliticalfreedom”andthatfreeenterpriseleadstoeconomicgrowth.ThisfocusoninstitutionsisanimportantcomponentofthegrowththeorydevelopedbyNorth(1990),whoassertsthatinstitutions“aretheunderlyingdeterminantofthelong-run

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Title	The Role of Cultural Values in the Formation and Survival of Pro-Growth Institutions
Authors/Creators:	Michelle Albert Vachris, Christopher Newport University Justin P. Isaacs, Hampden-Sydney College
Year:	2017
Volume:	32
Number:	1
Pages:	89 - 113
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	growth, culture, economic freedom, political freedom

Citation:
Vachris, Michelle Albert; Isaacs, Justin P. / 2017. "The Role of Cultural Values in the Formation and Survival of Pro-Growth Institutions." The Journal of Private Enterprise, 32(1): 89-113.