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Fall 2011

ISSN 0890-913X

Volume 27, Number 1

Categories: Culture | Fall 2011

Civilizing Society

Claudia R. Williamson, Mississippi State University

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TheJournalofPrivateEnterprise27(1),2011,99–120CivilizingSocietyClaudiaR.Williamson*NewYorkUniversityAbstractThispaperattemptstoanswertwoimportantquestionsineconomics.First,whatvirtuesareimportantforpromotingeconomicprogress?Second,whatisthesourceofthesevirtues?Toanswerthesequestions,Irelyonrecentstudiessuggestingthatthevirtuesoftrustworthiness,toleranceandrespect,andindividualdeterminationareimportantforunderstandinghowcivilsocietysupportseconomicprosperity.Specifically,trust,respect,andindividualmotivationencourageandsupporteconomicfreedom.Ialsoexplorecompetingexplanationsforthedeterminantsofvirtuesincludingreligion,theroleofgovernment,andtheactofeconomicexchangeforcivilizingsociety.Myanalysisfindssupportforthelattersource.JELCodes:O17,Z10Keywords:Virtues;Institutions;Development;Trust;Socialcapital;CultureI.IntroductionThelinkbetweeneconomicinstitutions,suchaswell-definedandsecurepropertyrightsandtheruleoflaw,andeconomicdevelopmentiswelldocumentedintheliterature(Montesquieu,1748;Smith,1776;Demsetz,1967;Hayek,1960;Bauer,2000,North,1990,2005;KeeferandKnack,1997;Rodriketal.,2004;AcemogluandJohnson,2005).North(1990,2005)arguesthatinstitutionsprovidetherulesofthegamethatstructurepolitical,economic,andsocialinteraction.Theseconstraintsprovidetheincentivesandinformationtofacilitateproductionandexchange,investment,technologicalinnovation,andentrepreneurshipthatarenecessaryforeconomicdevelopment.Theempiricalresearchsupportsthispositive*Thisessaywasawarded3rdprize($1,500)inthejuniorfacultydivisionofthe2009SirJohnM.TempletonFellowshipsEssayContest,sponsoredbytheIndependentInstitute.Theauthorwishestothanktheeditor,ananonymousreviewer,andthe2010participantsoftheAssociationofPrivateEnterpriseEducationAnnualConferenceforvaluablecomments.99

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Title	Civilizing Society
Authors/Creators:	Claudia R. Williamson, Mississippi State University
Year:	2011
Volume:	27
Number:	1
Pages:	99 - 120
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Virtues, Institutions, Culture, Social and economic development, Trust, Social capital, Civilization, Economics of culture

Citation:
Williamson, Claudia R. / 2011. "Civilizing Society." The Journal of Private Enterprise, 27(1): 99-120.