Culture,S Consequences For Economic Development
...Number 1, Spring 2006
48
CULTURE’S CONSEQUENCES FOR ECONOMIC
DEVELOPMENT: AN EMPIRICAL EXAMINATION
OF CULTURE, FREEDOM, AND NATIONAL
MARKET PERFORMANCE
Steven D. Papamarcos and George W. Watson
1
ABSTRACT
In this study we empirically examine the role of culture in encouraging or discouraging country-level
economic performance. We find that, when it comes to economic growth, not all cultures are created equal.
For the global company and the practicing manager, our results indicate that cultural values appear to have
some statistically significant and operationally meaningful economic effects. We also evolve and test a more
encompassing framework within which cultural and political factors continuously interact to enable or
discourage growth. Our interactive model explains fully 51 percent (p
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