lya K. Kapultsevich Cultural Transformation: Institutional Factor of Economic Development

DOI: 10.38050/2078-3809-2024-16-3-7-20

Abstract

The discussion about the relationship between culture and economy is becoming increasingly relevant in the scientific community due to the presence of a significant number of developing countries subject to the path dependence effect. There is theoretical and empirical evidence of the influence of individual cultural factors on economic development, as well as models for overcoming cultural barriers when carrying out institutional reforms. At the same time, culture is still not considered as a holistic tool for stimulating economic development. The purpose of the article is to form a systemic theoretical concept of cultural transformation as a factor of economic growth based on the principles of institutional theory. The study for the first time defines cultural transformation, substantiates the importance of its inclusion in the analysis as an independent factor of economic development and offers measurable tools for influencing it. The conclusions of the article expand the theoretical framework of economic science, form a new tool for stimulating the economy and have the potential to solve the problem of the path dependence effect, allowing developing countries to achieve high rates of economic growth and well-being of the population.

Keywords: economic development, factors of economic growth, path dependence effect, institutional transformation, cultural transformation.

JEL: B25, E02, E71, Z10.

For citation: Kapultsevich, L.A. (2024) Cultural Transformation: Institutional Factor of Economic Development. Scientific Research of Faculty of Economics. Electronic Journal, vol. 16, no. 3, pp. 7-20. DOI: 10.38050/2078-3809-2024-16-3-7-20.

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